Martinrea plans $6.1 million expansion, 125 new jobs
A little over a year after purchasing the Oxford Automotive plant in Corydon, the Canadian-based Martinrea company was back before the Harrison County Council Monday night with talks of a $6.1 million expansion plus 125 new jobs over the next five years.
Martinrea purchased the plant early last year.
The purchase was approved by the bankruptcy court as part of Oxford’s restructuring in February 2005. A 10-year tax abatement was granted a year ago as part of an incentive package. As a result, some 300 jobs in production and 30 in sales remained locally with a payroll of about $10.9 million annually.
At that time, the seven-member council unanimously approved a tax break on Martinrea’s $3 million investment.
Now, the company plans to purchase $6.1 million worth of equipment, which includes installation costs, said plant manager Mike Price. The equipment is needed to take care of new business, he said.
Beyond that, the future continues to look bright. ‘We’re confident there will be some more business to talk about,’ Price told the council.
Council attorney Mike Summers said the next step is to adopt a resolution authorizing the tax abatement. Then the council can act on the matter.