A Michigan-based recycling company is planning to locate to a facility in Steuben County. Padnos Iron & Metal Co. has acquired a Fremont building and intends hire around two dozen workers by 2016. November 19, 2013
FREMONT, Ind. – PADNOS Plastics Solutions, Inc., a division of PADNOS, a full-service recycling company, announced plans today to locate its first Indiana plastics facility here, creating up to 22 new jobs by 2016.
The Holland, Mich.-based company will purchase, renovate and equip a new 120,000 square-foot facility located at 803 S. Reed St. in Fremont. The expansion, which will be fully operational by early 2014, will allow the company to operate its plastics division closer to industrial and commercial customers, reducing freight expenses.
“In an increasingly competitive environment, Indiana is winning new jobs and investment because we've built the best possible climate for business growth,” said Victor Smith, Indiana Secretary of Commerce. “Whether it's across the country or around the globe, Indiana's positive story is being heard. Companies find that our low business costs, growing infrastructure and proximity to a large base of manufacturers make Indiana a state that works.”
PADNOS, which currently employs more than 600 associates, plans to begin hiring equipment operators and lab technicians later this month and expects to hire operation managers, material engineers and sales executives within a year. Interested applicants may apply by visiting www.padnos.com.
“Growing into Indiana was a natural move for our plastics business,” said Jeff Padnos, president of PADNOS. “We service multiple vendors and customers in the area and we also have great partners in this region. Our plastics plant in Michigan has reached full capacity and it made a lot of sense to go somewhere far, but not too far. Indiana is known to be a great place to do business and the initial experience with the local municipality is proving that notion accurate. Everyone is making us feel incredibly welcome and that gives us confidence that we made the right decision.”
Founded in 1905, PADNOS is a family-owned and operated business, managing scrap products for industrial and commercial accounts, including the automotive, furniture and medical industries. The company recycles paper, plastics, ferrous and non-ferrous metals, as well as e-scrap at its 20 locations. With a focus on sustainability, PADNOS operates the largest solar paneled roof in Michigan, along with its own CNG fueling station.
The Indiana Economic Development Corporation offered PADNOS Plastics Solutions, Inc. up to $75,000 in conditional tax credits and up to $40,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The town of Fremont approved additional incentives at the request of the Steuben County Economic Development Corporation.
“The town of Fremont is very excited to welcome PADNOS to the Fremont community and the state of Indiana,” said Steve Brown, president of the Fremont Town Council. “They are a family-owned business that prides itself in serving all the recycling needs of its customers, utilizing technology and innovation to continue to find ways to recycle scrap materials, growing their business and benefiting the environment.”
Earlier this year, Koester Metals announced plans to move its headquarters from Defiance, Ohio to Fremont, creating 44 new jobs. The manufacturer of sheet metal fabrications and enclosures will invest $2.7 million into its Steuben County operations, relocating fabricating equipment and updating the facility's software and technology.
PADNOS manages scrap for industrial and commercial accounts in Michigan and throughout the United States. From Arizona to the far Northeast, PSM (PADNOS Scrap Management) actively manages scrap for clients with accuracy, efficiency and control.
Padnos and its PSM division build relationships with scrap consumers, logistics providers, and scrap dealers across the United States, helping them leverage over 100 years of scrap management expertise to implement industry best practices to best utilize all resources. For more information, visit www.padnos.com.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: The Indiana Economic Development Corp.