A longtime Angola manufacturer with a Fort Wayne parent company interested in growing businesses was awarded a five-year tax abatement at Monday's Angola Common Council meeting.
Electric-Tec, 509 Growth Parkway, requested the tax abatement on $650,000 in real property improvements and $40,000 in new manufacturing equipment and has forecast adding five jobs.
In its application to the city, Eletric-Tec officials said they are planning to complete a 69-foot by 225-foot metal building addition to add manufacturing and storage space. The addition will add 15,525 square feet, including additional restroom facilities, an enclosed air compressor room and high efficiency lighting.
Greg Baker, Electric-Tec's chief financial officer, said the company has already started work on the expansion in Angola. “We're trying to grow the company,” Baker said. “We've already made the investment in equipment. We'll add 15,000 feet and see where it goes.”
Electric-Tec was purchased by and became a wholly-owned subsidiary of Khorporate Holdings, Fort Wayne, last year.
In the company's tax abatement application, it stated the current manufacturing process is not as efficient as it could be due to cramped conditions. The addition is being positioned on the property to allow for additional future growth.
The company plans to add terminal applicators, new molds, a wire cutter and a dereeler.
Eletric-Tec has 36 employees and hopes to add five additional positions.
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