PLYMOUTH — The Plymouth Common Council approved a Personal Property tax abatement for Hoosier Racing Tire in their meeting on Monday.
Hoosier announced it will be making an estimated $16.8M investment in new equipment as part of an ongoing expansion at the Plymouth facility.
This investment consists of a new radial tire building machine and tooling, a new hydraulic press, a semi-automatic lube booth, molds, and other general manufacturing and material handling equipment. Currently, there are 447 employees at Hoosier Racing Tire. This investment will be retaining these employees and the $27M annual payroll as the company continues to improve efficiency and productivity.
The tax abatement consists of a seven-year phased-in schedule. As the additional value of the personal property is added to the assessed valuation of the company, it will generate an estimated $512,749 in tax revenue for the City of Plymouth.
Hoosier Racing Tire is constantly making plans for meeting the ever-changing market demands for high-performance tires for all levels and types of racing. Hoosier has worked with Marshall County Economic Development Corporation locally and Indiana Economic Development Corporation at the state level to help secure this investment and keep the Plymouth location as efficient and productive as possible.
Work is expected to begin soon on these important additions to the facilities. Mark Spence, VP of Manufacturing, was joined by Scott Barry, Controller, at the meeting on Monday. Spence said that while it will take several quarters to get everything installed and productive, work on the project will begin immediately.
Greg Hildebrand, President and CEO of MCEDC, remarked, “Hoosier Racing Tire has been and continues to be a model corporate partner for Marshall County. Their team members and associates are engaged in the community, working with charities and events throughout the county.”
The abatement request was approved unanimously, with several on the council remarking what an excellent community partner the organization continues to be. Hoosier Racing Tire was purchased by Continental Tire in 2016. Hoosier is the largest race tire manufacturer in the world, producing over 1000 different types of racing tires.
