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Plastics firm plans expansion, 54 new jobs

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Fortville-based Genesis Plastics Welding plans to invest over $3.3 million to expand its existing production facility east of Indianapolis, adding the capacity for as many as 54 new employees by 2014.

Genesis, which serves equipment manufacturers in the medical, military, automotive and consumer products industries, plans to add 16,000 square feet of space to its 26,000-square-foot building, including a certified medical “clean room.”

The expansion, which is in progress, will double clean manufacturing production space to accommodate Genesis’ fast-growing medical contract manufacturing business. Construction is scheduled to be completed by December 2011.

Founded in 1987, the company now employs 65 workers who make products including helmet padding, blood pressure cuffs, inflatable fluid bladders, hot and cold therapy packs, compression therapy sleeves, medical instrument covers, disposable heating blankets and drainage bags.

Genesis is accepting applications for production workers and plant supervisors.
 
Indiana Economic Development Corp. offered the firm up to $340,000 in performance-based tax credits based on the job-creation plans. The town of Fortville will consider additional property tax abatement at the request of the Hancock Economic Development Council.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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