Global Precision Parts gets 10-year tax abatement

April 21st, 2017

By Joseph Slacian | The Paper of Wabash County

Global Precision Parts received a 10-year tax abatement for personal property from the Wabash City Council.

The abatement, approved Monday, April 10, is for $1.2 million in equipment being placed at the factory, 202 Wedcor Ave.

“Basically we’re looking to purchase some new equipment,” Plant Manager Byron Bechtold told the Council. “We hope the equipment will allow us to grow in the Wabash area.

“We’re looking at high-end equipment that will allow us to grow in two ways. First would be to be more efficient at what we’re currently doing, so we can quote lower costs and win quotes that we normally lose. The equipment we’re purchasing also has some far more advanced capabilities than our current equipment which will allow us to quote on some things which we otherwise would not be able to quote on.”

The company currently has 40 employees, and with the addition of the new equipment another five jobs are expected to be created.

Keith Gillenwater, president and CEO of the Economic Development Group of Wabash County, said the request went before and was approved by the city’s incentive review panel.

Council member Mitch Figert said he appreciates the fact that the positions are not entry-level jobs.

“They are some good, high-quality skilled jobs that will most likely attract, or gain new employees that will stay in the area,” he said. “I thought that was a real positive. You’re not just looking for someone who’s going to find another job once they’re trained. Hopefully they will be long-term employees.”

Global Precision Parts, Inc. was established in 2006, and has three manufacturing facilities in the U.S. The Wabash facility opened in 2000. In addition to Wabash, there are plants in Ottoville, Ohio, and East Liberty, Ohio.

The Wabash facility serves the industrial equipment, construction, electrical, heavy truck, agricultural, valve fittings, plumbing, customer machined products, aerospace, power tool, clamping, automotive, automotive and other industries.