Whayne Supply Company expands in Evansville – Adding 50 Employees
Whayne Supply will make a real property investment of approximately $2.5 million and personal property investment of approximately $250,000. The new facility will be manned by approximately 50 employees with an average wage of over $21.00 per hour (when in full operation) over the next 4 years. The economic impact of this expansion on the Evansville community equals approximately $150 million over the next 10 years.
“Whayne Supply had the option of moving this project out state, but with the help of the Growth Alliance for Greater Evansville the company recognized the value of expanding their manufacturing operation right here in Evansville and investing more than $2.7 million in the local community,” said Mayor Lloyd Winnecke. “The decision to stay in Indiana is part of resurgence in the state’s manufacturing sector that has seen an increase in industrial employment this year, according to a recent survey by Manufacturers’ News, Inc.”
“We have chosen Evansville as the most logical location for us to expand due to its proximity to our customers and markets in western Kentucky and southern Indiana,” said Monty Boyd, President and CEO of Whayne Supply. “We appreciate Evansville and the State of Indiana for assisting us to make this possible.”
Local and State officials worked closely with Whayne Supply Company representatives to formulate an economic development incentive package to assist with the expansion. Other communities were considered for the location of this project, including Owensboro, KY. The availability of an existing building and the incentives offered by the City of Evansville and State of Indiana resulted in Whayne Supply’s decision to locate in Evansville.
“Congratulations to Whayne Supply Company on expanding in this area; we are proud that they have chosen to do this in Evansville, IN,” said Deborah Dewey, President of the Growth Alliance for Greater Evansville (GAGE).
Because Whayne Supply Company is located within the Evansville Urban Enterprise Zone (EZ), the company qualifies for a deduction of real and personal property tax for the increased value of the investment. The added value may be deducted for up to ten (10) years. The estimated gross and present value of the 10-year investment deduction has an approximate value of $305,000 for real property and $80,000 for personal property.
Whayne Supply Company was also offered training assistance and Economic Development for Growing Economy Program (EDGE) credits from the Indiana Economic Development Corporation for their capital investment and the creation of jobs in Evansville.