A 10-year tax abatement was granted to plastic colorants supplier Holland Colours Americas Inc. this week because of the company’s plans to invest $1.5 million in new manufacturing equipment for its Richmond, IN production facility. The Richmond Palladium-Item reported that the Richmond Common Council unanimously approved the tax incentives on Monday.
The company announced plans to add a new product line to the Richmond site last January. About 20 new full-time jobs are expected to be created as a result of the project.
“This investment will significantly increase our capacity and capability to produce existing and new technologies in the Richmond facility,” said Joe Bauer, president of Holland Colours’ Americas division, in a release issued earlier this year by the Economic Development Corporation of Wayne County Indiana. “This project is far more than a matter of production expansion, it provides state of the art equipment in order to deliver our customers and team members the technology and capacity they need to grow in a sustainable manner.”
Up to $120,000 in conditional tax credits were offered to Holland Colours by the Indiana Economic Development Corporation based on the firm’s plans to create new jobs.
The Richmond location has manufacturing and laboratory capabilities for color development and analysis, pigment and dye preparations, and product research and development, according to information on the company’s website. Products made at the site are used in the building and construction, packaging, elastomers and specialty markets.