SealCorp USA Chooses Evansville and Expands – Adding 35 new jobs, Retaining 47
Evansville Mayor Lloyd Winnecke and Growth Alliance for Greater Evansville (GAGE) President Debbie Dewey announced today the expansion of SealCorp USA, a manufacturer of quality sealants and adhesives in Evansville, Ind. SealCorp USA will move from their current location at 5248 Agri Court to a 100,279-square-foot facility located at 1179 E. Diamond Avenue.
SealCorp USA was actively working with another state to relocate their operations when the GAGE team met with SealCorp USA representatives to address their concerns, which included finding an existing facilities that met their needs, utility usage rates and relocation costs. Information was provided by GAGE to SealCorp USA’s Board of Directors who voted on May 3, 2012 to keep operations in Evansville. The economic impact of this project on the Evansville area equals approximately $434 million dollars over the next 10 years.
“The city is pleased that SealCorp has chosen to expand in Evansville by creating 35 new jobs, retaining 47 jobs and investing $2.6 million in equipment over the next 10 years. The commitment to job creation and the retention of employer companies in our community is a top priority of our administration,” said Mayor Lloyd Winnecke. “On behalf of the City, I would like to extend my gratitude to the SealCorp Board of Directors and the Growth Alliance for Greater Evansville for ensuring that a key employer in our community remains here in Evansville.”
Local and state officials worked closely with SealCorp USA to formulate an economic development incentive package to assist with the expansion. Because SealCorp USA is located within the Evansville Urban Enterprise Zone (EZ), the company qualifies for a deduction in personal property tax for the increased value of the investment. The added value may be deducted for up to 10 years. The estimated gross and present value of the 10-year investment deduction has an approximate value of $66,000 for personal property. SealCorp USA is also eligible for a training grant to support training activities and/or recruitment of new employees that live within the City of Evansville, Ind.
SealCorp USA was also offered Skills Enhancement Funds for training assistance and Economic Development for Growing Economy (EDGE) credits from the Indiana Economic Development Corporation for their capital investment and the creation of jobs in Evansville.
“The Rust family has created hundreds of jobs in the Evansville area since 1962, and as a second generation Rust, I am proud to continue that legacy not only in the great City of Evansville, Indiana but in the very same manufacturing facility where it all started in 1962,” said SealCorp President USA Ken Rust. “We will expand from 40,000-square-feet in five buildings to 100,000-square-feet at the Evansville location on Diamond Avenue. The state of Indiana and the Growth Alliance for Greater Evansville provided the necessary tools and support for our company to make the decision to stay in Evansville.”
Jarrod Luigs, Chris Stuard and Steve Martin of Sperry Van Ness / Martin Commercial Group quickly fulfilled their assignment by procuring SealCorp as a tenant. Seal Corp’s commitment to the facility and Evansville is long-term.