IBC Coatings Technologies Inc. plans to spend nearly $5 million to expand its manufacturing facility in Lebanon, city officials announced Monday.
The company said it would add up to 15 employees making nearly $51,000 per year each as part of the expansion.
IBC, founded in Lebanon in 1996, makes advanced surface treatments for applications requiring significant wear and corrosion resistance. It has about 70 employees at its existing 80,000-square-foot facility at 902 Hendricks Drive.
The company recently received a five-year contract with the U.S. Department of Defense, making the expansion necessary.
IBC said it would spend $1.3 million to build a 19,000-square-foot addition and another $3.65 million to equip it.
The Lebanon City Council voted unanimously Monday to approve real and personal property tax abatements that will save the company about 60 percent on its taxes over the next five years. The real property abatement is expected to provide a savings of about $86,600. The personal property tax break is expected to provide savings of about $104,400.
IBC Coatings makes products for industries including oil and gas, aerospace, defense, automotive, metal forming, die casting, forging and molding.