The Shelbyville Common Council approved a compliance with statement of benefits for a tax abatement at its 10-minute-long meeting Monday.
Sankyo Seki earned a 2005 tax abatement on more than $800,000 in new equipment.
Part of the seven-year-old deal was that Sankyo Seki would have 84 employees. Attorney Steve Schrumpf said that Sankyo Seki had reached 84 employees, but the economy sunk. Now it has 46, though it is planning on hiring several more people in the next few years, Schrumpf said. The company is currently hiring for six open positions.
The company had primarily made timers for freezers, but after the economy slumped, the head of the company sent the timers to a different plant. The Shelbyville location was told to find something to do with their plastic molding machines, Schrumpf said.
They started making car parts and supplies another supplier factory.
He said the number of employees will again hit 84 sometime in the not-too-distant future.
"The outlook is very bright," he said.
The council approved the measure, 6-0, with council member Rob Nolley absent.
Another schedule compliance with statement of benefits hearing with Jhala Properties, which does business as Thermo Transfer, was tabled.
http://www.shelbynews.com/articles/2012/08/08/news/doc502178bb51fc3267545244.txt
