The Shelbyville City Council on Monday approved a tax abatement for Toray Resin for a 12,000-square-foot expansion of the company's facility at 821 W. Mausoleum Road.
Toray plans to house a newly-created research and development department in the expansion. The company's abatement applications indicate capital expenditures for the expansion will be about $1.6 million, and purchase and installation of new equipment will be about $2 million.
Toray has 86 employees with annual salaries totaling just under $3.9 million.
"In large part, our development in new materials has been largely been acquired or imported from Japan, being a Japanese company. This will allow us to localize a lot of those developments," Toray Resin Executive Vice President Dennis Godwin told the council.
"With this expansion, outside of the technical investment, we're also going to be adding sales and business development resources, which currently reside in our sales office in Michigan, which in the near future will be closed as this becomes the headquarters site," he added.
Toray Resin "develops state-of-the-art, better performing plastics for use in automotive, electrical and electronic, appliance and consumer markets in North America," according to the company's website.
The council also approved Brazeway Inc.'s annual compliance with statement of benefits for its plant at 1109 Lincoln St.
CFO Terry Sheehan said Brazeway continues to look at capital investment.
However, "We're finding attraction of technical employees--engineers, quality (control)--continues to be more and more challenging as the economy improves," he said.
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