Noblesville-based IDI Composites International said it plans to spend more than $24 million to build a manufacturing facility in a new business park along State Road 37, north of 150th Street.
The move away from its current location at 407 S. 7th St. is part of an agreement with Noblesville that city officials say will help keep the Reimagine Pleasant Street project on schedule, while ensuring IDI remains in Noblesville.
IDI is a manufacturer of thermoset molding compounds for a variety of markets, including automotive, agricultural, construction, and health care.
The company said it will build its 121,000-square-foot facility in the planned 75-acre Washington Business Park, which is currently under construction. A time frame was not provided.
Mayor Chris Jensen first detailed plans for the Pleasant Street Project during his first State of the City address in 2020. The project is designed to create a new east-west corridor to help alleviate traffic concerns.
Jensen said the agreement with IDI will allow the city to acquire the necessary property to build a key roundabout for the project.
“We have been dedicated to keeping IDI in Noblesville since the beginning of these discussions,” Jensen said in written remarks. “This has not been an easy process, but it has been productive for both the city and for IDI, ultimately leading to an agreement that preserves 90 jobs with an expectation of adding 25 more in the next five years.”
“Mayor Jensen and his administration have demonstrated that keeping our company in Noblesville was a priority by coming to the table with solutions-based proposals,” said IDI Composites CEO Tom Merrell. “While this is a change for us, we are excited to announce this project and continue to invest in the city that we love.”
The city said a final version of the agreement will be presented to the Noblesville Common Council in the coming weeks.