| Project Would Include 25 New Positions Over Five Years NEW ALBANY, IND. (October 11, 2018) –At its regularly scheduled meeting on October 1st, the New Albany City Council will be asked to consider a tax abatement request for Progressive Materials, which is considering building a new location on Capital Drive in New Albany’s North Industrial Park. This location could be the site of a new, state-of-the-art silicone coatings facility, corporate headquarters, warehouse, national distribution center, offices for sales and marketing teams, warranty specialists, quality control laboratories and a research and development department. “The leadership at Progressive Materials is very excited about the possibility of staying here in New Albany for the company’s continued growth and expansion. The move to a fully-automated, state-of-the-art facility is a huge step for our company and everyone from the state of Indiana, City of New Albany and One Southern Indiana have been incredibly helpful throughout the process,” said Company President Sean Stumler. “Specifically, we would like to thank Trevor Lane at the Indiana Economic Development Corporation, Mayor Gahan, Josh Staten, Tonya Fischer and Scott Woods at the City of New Albany, Senator Ron Grooms, as well as Matt Hall at One Southern Indiana. We appreciate all the work and support that has gone into making our proposed expansion a success and we look forward to continuing our winning strategy here in Southern Indiana.” Progressive Materials is a family-owned-and-operated business with local, regional, national and international clients. Founded in 2011, Progressive Materials began production of silicone roof coatings in 2012. Since that time, the company has seen rapid growth, with total gross sales exceeding $32 million in 2017. Currently, Progressive Materials is the second-largest silicone coatings manufacturer in the United States. With assistance from One Southern Indiana (1si), the Indiana Economic Development Corporation (IEDC) has offered Progressive Materials, LLC, up to $240,000 in conditional Economic Development for a Growing Economy (“EDGE”) tax credits 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. "With the highest concentration of manufacturing jobs in the U.S., Indiana has established a strong reputation for making products that are used around the world," said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). "Because of the state's low-cost, tax-friendly business climate and skilled workforce, small businesses like Progressive Materials have the confidence to expand and create good jobs for Hoosiers." The company is expected to request tax abatements from the City of New Albany for both real and personal property taxes over 10 years and five years, respectively. Tax abatements allow the company to phase in its property taxes over time. New Albany Mayor Jeff Gahan said, “The City of New Albany is excited to be working with Progressive Materials, LLC, to not only keep the company here in the city, but also to consider the New Albany North Industrial Park as an ideal location for its new headquarters and manufacturing operation. The largely-automated, advanced manufacturing facility proposed has extraordinary growth potential and would offer new, high-wage job opportunities to our citizens. The city will continue to assist Progressive Materials in its growth plans, for the benefit of both now and in the future.” The $13.45 million project would create 25 new jobs with an average hourly wage 25 percent above the Floyd County average, according to U.S. Bureau of Labor Statistics. In the first two quarters of 2019, Progressive Materials will be hiring electrical technicians familiar with PLC and automation controls as well as operator technicians with strong mechanical backgrounds. Additionally, the company will be searching for chemists familiar with silicone and the roof coatings industry, as well as support staff. “It is always exciting to announce the possibility of a project offering weekly wages estimated to be close to $250 above the average weekly wage in Floyd County. It would be even more exciting to celebrate a new advanced manufacturing facility which would be largely automated, like Progressive Materials, LLC, is proposing, with National Manufacturing Day right around the corner,” said Wendy Dant Chesser, president and CEO of 1si. “We are happy to support this family-owned local business and its future growth plans.” About Progressive Materials, LLC: Progressive Materials was founded in 2011 and started selling Silicone roof coatings in 2012. The corporate headquarters as well as the manufacturing facility are currently located in New Albany, Indiana. The company has grown rapidly and is presently one of the largest silicone coating manufacturers in the United States. The company’s mission is to be the premier roofing systems manufacturer through superior customer support, expert technical knowledge and a strong commitment to product performance. Completing this new manufacturing facility is a critical step toward fulfilling the corporate goals and mission statement. For more information on Progressive Materials, visit PMsilicone.com. About One Southern Indiana: One Southern Indiana (1si) was formed in July of 2006 as the economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to help businesses thrive in the Southern Indiana and metro area.? Since its inception, the organization has evolved to include a three-prong approach to serve its members and investors. Business Resources, as the chamber side of the organization, encompasses membership, signature events and programs which support and encourage business growth; Economic Development works to grow the regional economy through the attraction of new commerce and assists with retention and expansion of existing businesses; Advocacy supports businesses at the government level by engaging in the initiatives to preserve, protect and promote a business friendly environment free of obstacles to growth and development of commerce. For more information on One Southern Indiana, visit www.1si.org. |