Plymouth council approves tax abatement for $16.8M Hoosier Racing Tire expansion
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The Plymouth Common Council approved a personal property tax abatement for Hoosier Racing Tire this week as the company plans a $16.8 million investment in new equipment at its Plymouth facility.
The investment includes a new radial tire building machine and tooling, a new hydraulic press, a semi-automatic lube booth, molds and other manufacturing and material handling equipment.
The company currently employs 447 people at the site, with a reported annual payroll of $27 million. The investment is expected to retain both the workforce and payroll while increasing efficiency and productivity.
The tax abatement will follow a seven-year phased-in schedule. City officials estimate that as the new personal property is added to the company’s assessed valuation, it will generate nearly $513,000 in tax revenue for the city of Plymouth over the course of the abatement.
Hoosier Racing Tire Vice President of Manufacturing Mark Spence, who attended the council meeting with company Controller Scott Barry, said the company will begin work on the expansion immediately, although it will take several quarters to fully install and operationalize the new equipment.
The expansion was facilitated in partnership with the Marshall County Economic Development Corp. (MCEDC) and the Indiana Economic Development Corp.
“Hoosier Racing Tire has been and continues to be a model corporate partner for Marshall County,” MCEDC CEO Greg Hildebrand said in a statement. “Their team members and associates are engaged in the community, working with charities and events throughout the county.”
Council members voted unanimously in favor of the abatement. Acquired by Continental Tire in 2016, Hoosier Racing Tire is the world’s largest race tire manufacturer, producing over 1,000 types of racing tires.
In 2023, Hoosier Racing Tire won Indiana Chamber of Commerce’s Coolest Thing Made in Indiana competition.
According to MCEDC, the investment represents nearly 20% of the $87 million in capital expenditures announced so far in Marshall County in 2025.