The Peru City Council approved a five-year tax abatement for Heraeus Electro-Nite Monday night, its second abatement in as many meetings.
Brooke Robertson, director of business retention for the Miami County Economic Development Authority (MCEDA), said the company was "getting ready to make an investment of (about) $1.5 million in new equipment."
She said the company was "currently at 41 jobs, which they will retain, and 10 additional jobs with the investment."
The abatement is at 60 percent for each year of the five year period, Robertson said. MCEDA Executive Director Jim Tidd said the city would make about $89,340 in property taxes over the five-year abatement.
Plant Manager Jason McCoy said the abatement was for "phase one in a multi-faceted expansion project for our facility."
"This is the addition of machinery and jobs, but it will not be the last," he said. "We look forward to continuing to grow our relationship with the community and grow our business in Peru."
During its October meeting, the council approved a five-year tax abatement for Snavely Machine and Manufacturing Company for what Robertson called a "an investment of $4.5 million in equipment, maintain its current number of employees at 128 and add 16 more."
In total, the city is expected to earn about $184,000 in property taxes over that five-year abatement.