Almco investing $3.3M in equipment and building
Almco Steel is expanding its operation and received tax abatement incentives from the Bluffton Common Council Tuesday night.
Almco, 59 N. Oak St. Extended, is putting $3.3 million into its facility and plans to employ four additional people. That’s what Bruce Novak, the company’s controller, told the council as the requests were formally presented.
The company plans to purchase a 1600T blanking press and a feed line 600 ton press. With the machinery installation costs included, that will be an investment of $1.8 million in personal property.
Novak said renovations would be needed at the plant. That cost to allow for the blanking press to be added, to extend the overhead crane, to construct the press bed and foundation, and to modify and construct the scrap trench will come to more than $1.5 million in real estate improvements.
“This is a major, major upgrade,” Novak said. “When it is done, it will allow us to remain competitive.”
Novak also noted that $1.3 million of the work will be done by Briner Construction, a Bluffton company.
“Almco is a great corporate citizen,” said Chad Kline, Wells County’s economic director. “They’re doing some great things over there.”
All five council members — Mike Morrissey, John Whicker, Carl Perry, Jim Phillabaum, and Melanie Durr — approved Almco’s request for tax abatements.