PLYMOUTH (Dec. 29, 2011) – Mayor Mark Senter and executives from Hoosier Racing Tire today announced a major new investment in Hoosier’s Plymouth production plant, which is expected to create a combined 20 new jobs in the near term.
Hoosier Racing Tire, Corp. will invest $8 million to construct and equip a new 37,000 sq ft expansion to their rubber mixing plant on site, integrating operations that have previously been outsourced to an Ohio based firm.
Founded by Bob and Joyce Newton in 1957, Hoosier manufactures a sophisticated range of performance tires and is today the largest manufacturer of racing tires in the world. The company’s corporate headquarters and distribution facility is located in nearby Lakeville, IN and the company’s manufacturing facility is in Plymouth. Hoosier has steadily added staff and currently has over 400 employees, with the majority of these based in Plymouth.
“This is a major expansion for our company, and it speaks to our confidence in Hoosier Tire’s continued growth and viability in this area,” said John DeSalle, Vice President of Engineering and Manufacturing. “Last year was good to us, and this is a timely investment. Financing of the project was sourced from our long time partners at 1st Source Bank.”
The Indiana Economic Development Corporation offered Hoosier Racing Tire up to $140,000 in conditional Economic Development for a Growing Economy (EDGE) tax credits based on projected job creation.
The City of Plymouth will consider a tax abatement petition for real and personal property on January 11th. At the filing of the petition on December 28th, DeSalle was commended by Mayor Senter and Plymouth Council members.
“Hoosier Tire is important to our community in many ways,” said Mayor Senter. “They are leaders in the field of racing because of an uncompromising commitment to excellence in their products and pure enjoyment of competition — both in the business world and on the track. Plymouth is pleased to partner with them in this project, and hopefully on many ventures to come.”
“We have seen that companies like Hoosier Racing Tire are able to grow in Marshall County with decisive plans to outreach competition,” said Jennifer Laurent, Executive Director of Marshall County Economic Development Corporation. “We welcome the expansion of the business and job creation, and also recognize a positive trend in local companies continuing to reinvest here as they weigh our assets against other locations.”
“NIPSCO’s Economic Development team was also a partner in making the project possible,” Laurent noted to Council members. An existing electrical substation was required to be relocated by the building expansion plans, and NIPSCO participated in the cost and coordination of the move as well as necessary service upgrades.
Hoosier Racing Tire and Hoosier Tire & Rubber, historically two separate companies, will officially merge as one company to be known as Hoosier Racing Tire as of January 1, 2012.