Peru — A Logansport-based company is investing $1.1 million to expand its operations into a facility north of Peru. The company said it will bring over 30 jobs to the county.
Logan Stamping Inc. announced Tuesday it recently purchased a 39,000-square-foot building at 2312 N. Mexico Road and moved 25 employees from its Logansport facility.
Company CEO Robert Baker said the business has added on a new product line making a special material for the railroad and transportation industry. It was previously housed at the Logansport facility, but he said the division grew so quickly that it needed to expand into a larger facility.
“We’re busting at the seams,” Baker said. “We’re going full throttle. We can’t move quick enough.”
He said the company’s facility in Huntington and its 12 employees also will move into the Peru building next week. That division fabricates sheet metal.
Baker said the facility previously was owned by L&M Metal Stamping, and cost just more than $400,000 to purchase.
He said there is a good chance the company will add on to the building in the near future if production demands continue to grow.
The Miami County Council Tuesday approved a $90,000 forgivable loan for the company to help with moving costs and other expenses.
The company signed a five-year agreement with the county stating it would invest at least $1.1 million into the new division and maintain at least 10 full-time and 15 part-time employees.
The county will forgive $18,000 of the loan every year the company meets the requirements in the agreement.
Logan Stamping was founded in 1965 in Logansport and currently employees around 75 workers, Baker said.
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