Manufacturing of Revolving Doors to Continue in Evansville
Restoration Slated for former International Revolving Door Facility
EVANSVILLE, Ind. – The City of Evansville and economic development partners at the Growth Alliance for Greater Evansville are pleased to announce restoration and modernization plans slated for the former International Revolving Door Manufacturing facility located at 2138 N. 6th Avenue.
Purchased at auction in July of 2015 by IRD Group, Inc., the initial plan is to revive the fabrication of revolving doors within the former International Revolving Door manufacturing facility. IRD Group, Inc. will also renovate approximately 8,000 sq. ft. of office space that will accommodate a number of businesses; one of them being JPM Resources, currently located on Keck Avenue. Remaining space within the 129,000 sq. ft. facility will be leased for warehousing.
“This is a great investment by the IRD Group in a company with a long history in Evansville that continues to enjoy strong demand for its beautifully crafted revolving doors,” said Evansville Mayor Lloyd Winnecke. “It’s also another positive sign that our city is on the right track economically.”
Within two years, IRD Group, Inc. plans to start a custom automation business, along with a machining and metal fabrication business within the facility.
“Our entire management team is very excited about restoring this historic manufacturer of beautiful revolving doors, whose craftsmanship has been displayed for over a century in prominent buildings in virtually every major city in the United States, and around the world,” stated Joshua Kratochvil, spokesman for IRD Group, Inc.
Prior to closing in spring of 2015, the International Revolving Door Company had been referred to as the oldest continuous manufacturing business located within the City of Evansville. The company was a division of the former International Steel Corporation, which originally incorporated in 1910. The International Revolving Door Division was sold and moved to the company’s current location in 1992. The company proudly upheld their reputation as the premier revolving door manufacturer in the world supplying doors for many iconic buildings.
IRD Group, Inc. plans to invest approximately $750,000 in real and personal property to the existing facility at 2138 N. 6th Avenue, resulting in the addition of 23 new jobs. The Growth Alliance for Greater Evansville has suggested an incentive package that includes a 10-year Tax Phase-In on Real and Personal Property. Additionally, the Growth Alliance recommends a Training Grant valued at $12,500, requiring 50/50 match by IRD Group, Inc. The grant is only applicable to Evansville residents hired over the first two years of project implementation.
The Indiana Economic Development Corporation offered IRD Group, Inc. up to $115,000 in conditional tax credits based on the company’s redevelopment plans.
The positive economic impact generated from this project for the Evansville community totals in excess of $4 million per year over the next 10 years.
About IRD Group, Inc.: The Company is privately held and was recently formed for the purpose of acquiring the manufacturing assets and inventory of the International Revolving Door business. Former and new employees of the company resumed manufacturing and assembly operations in August 2015.
About the Growth Alliance: The Growth Alliance for Greater Evansville provides comprehensive support to new and existing businesses to enhance the economic vitality of the City of Evansville and Vanderburgh County, Indiana. The Growth Alliance's business retention and expansion program focuses on incentives and services for Evansville/Vanderburgh County established businesses with a goal of encouraging continual growth, cost effective business practices, and improved productivity.
The Growth Alliance is a certified 501(c)3, public-private nonprofit that relies on financial underwriting and sponsorships from local business and government stakeholders to fund vital services provided to new and existing businesses.