Padnos Iron & Metal Co. coming to Fremont

November 20th, 2013

News Coverage:

Recycling firm lands in Fremont

Posted: Wednesday, November 20, 2013 12:00 am | Updated: 8:00 am, Wed Nov 20, 2013.

By Jennifer Decker

FREMONT — The Fremont Town Council welcomed a Holland, Mich.-based recycling company to town by granting a special exception and seven-year tax abatement to start operations.

Padnos Iron & Metal Co., recycler of paper, plastics and metal, purchased the 120,000-square foot building that formerly housed Indiana Wire, 803 S. Reed Road, Fremont in the Fremont Industrial Park. Up to eight new jobs could be created right away and as many as 22 jobs by 2016.

At the Fremont site, post-industrial plastic waste will be recycled.

The Fremont Plan Commission granted Padnos a required special exception to operate a recycling facility in an industrial-2 zoned area.

The seven-year tax abatement entails Padnos adding $715,000 in manufacturing equipment for personal property and $480,000 in building improvements toward real property.

The Indiana Economic Development Corporation offered Padnos 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.

Padnos is a third-generation company that has operated for more than 100 years with 24 locations in Michigan.

Categories New Businesses