The Huntington City Common Council unanimously approved a 10-year tax abatement for Continental Structural Plastics during its meeting Tuesday evening.
According to the company’s SB-1 form, which gives an overview of the company and the intended project, the abatement will be used for equipment to improve various production processes.
There will be no additional jobs created, but the business will retain all 330 employees listed, according to the SB-1 form. The estimated value of the project is around $1.5 million for manufacturing and information technology equipment, which will all be installed by Dec. 31.
“We appreciate all the support you guys have given us over the years,” Tom Fribley, plant controller for CSP, said at the meeting. “It’s been a big help.”
Fribley said the new Corvette is out “in full bloom” right now, which is giving them a lot volume.
“We’re going through the transition now between the old Raptor and the new Raptor,” he said. “The current model year will phase out this year and then we’ll have a year before we need to tool up and get new equipment in.”
He added they’ve done a lot to the building as well, which is good for the workers’ spirit.
“It’s a lot of fun, it’s a lot of work,” Fribley said.
Mark Wickersham, executive director of Huntington County Economic Development, thanked Fribley for everything CSP has done for the community.
In addition, he talked about his experiences attending the International Auto Show, where the Chevy Corvette Stingray was selected as the 2014 car of the year.
CSP is responsible for the body panels on that “iconic vehicle,” Wickersham said.
“It’s what they do every day of the week and it’s a testimony to the skills of the workforce that they can do those to that level of quality,” he said. “There’s no way we can be prouder.”
The council voted 6-0 in favor of the abatement. Councilman Jim Long, D-3rd District, was absent.