Creative Liquid Coatings adding jobs
Kville company adding jobs
By Dennis Nartker
Saturday, November 17, 2012, 1:00am
KENDALLVILLE — A local company that expanded last year is growing again and adding jobs.
Stephen Geist, general manager for Creative Liquid Coatings, announced this week his business is adding new equipment at its two East Industrial Park facilities, creating 12 new jobs and investing $1.4 million. The expansion is connected to two tax abatement requests.
The Redevelopment Commission recommended 10 years of decreasing abatement on $400,000 of new equipment for the company’s operation at 2620 Marion Drive, and 10 years of decreasing abatement on $1 million of new equipment for Creative Liquid Coatings’ plant at 221 S. Progress Drive.
In addition to creating jobs, the abatements will assure retention of 220 jobs at the two locations, according to the tax abatement application.
The $1 million investment is for new injection molding and auxiliary equipment. Creative Liquid Coatings operates injection-molding processes in the former Tower Automotive plant it acquired last year.
The $400,000 investment is for process cooling equipment and advanced information technology and hardware. The company operates a robotic paint line in the former 317,000-square-foot Budd Co. building it occupied in 2010 along with Noble Paint Co., which purchased the building in 2005. Creative Liquid Coatings coats products for the automotive, heavy truck and industrial equipment industries.
Creative Liquid Coatings plans to begin installing the new equipment at both locations in December and complete the projects by April 2013.
On the $1 million investment, the company will receive 100 percent tax deduction the first year and 10 percent the final year for a total tax savings of $54,438.
On the $400,000 investment, Creative Liquid Coatings will receive 100 percent deduction the first year and 10 percent the final year for a total tax savings of $21,775. The company will have an $8.4 million annual payroll with the new jobs added to the current workforce.
The City Council will consider the tax abatement recommendations at its Tuesday night meeting.