The Anderson City Council has approved belated tax incentives for Japan-based NTK Precision Axle Corp. Our partners at The Herald Bulletin report the approvals are related to the company’s 300,000-square-foot manufacturing facility, which began production earlier this year.
The council in May approved a waiver allowing NTK to apply for real and personal property tax abatements. Anderson Economic Development Department Executive Director Greg Winkler tells the publication the company is investing nearly $90 million in the facility and will receive two 10-year, 70 percent tax abatements.
NTK announced plans for the facility in March 2017, saying it would create nearly 200 jobs by 2021. The company’s website says production at the plant began in March and The Herald Bulletin reports 55 to 60 people are currently working on the first shift.
With the abatements in place, NTK will still pay nearly $7 million in taxes over the next 10 years.