Greenwood-based Poynter Sheet Metal Inc. is planning a $4.2 million expansion of its headquarters to accommodate a new manufacturing unit that would hire 40 employees by 2021.
The new unit would occupy a $3.6 million, 54,000-square-foot addition to Poynter’s 100,000-square-foot headquarters and fabrication facility at 775 Commerce Parkway West Drive. The building is owned by Indiana Becknell Investors 2011 LLC, which would pay for the addition. Poynter anticipates buying $602,000 in equipment for the new operations.
The new business unit would produce prefabricated bathrooms for hospitals, hotels and mixed-use residential facilities. The 40 new employees would earn an average of $50,000 per year.
Poynter and Becknell have requested partial property tax breaks from Greenwood on their respective investments, which over the 10-year term of the proposed deal would save them a combined $595,000, according to their applications. They still would pay a combined $1 million in property taxes over the same period.
Construction of the project is expected to begin in July, with operations starting in June 2020.
Poynter employs about 350 people in Indiana, including 130 at its Greenwood fabrication facility. Its services include fabricating and installing ventilation and exhaust systems, dust collection and extraction systems, and paint and spray booths.
The Greenwood Redevelopment Commission adopted the tax abatements on April 9, but they still must be approved by the Greenwood Common Council. It will hear the abatements on first reading Monday night, with second and third readings set for following weeks.
Poynter is connected to several notable projects within the city, such as fabricating the city’s custom “G” bicycle racks and working with Indiana artist Jon Racek to create a 30-foot steel sculpture at the Greenwood Public Library.