Home > Uncategorized > Capital Adhesives announces expansion plans

Capital Adhesives announces expansion plans

Reporter-Times.com

Amy Hillenburg ahillenb@md-times.com
April 23, 2011

MOORESVILLE

Coming on the heels of one Mooresville company’s announcement of expansion was another one on Thursday.

The Mooresville Redevelopment Commission voted to recommend a six-year tax abatement for Capital Adhesives, just south of town.

The business, which opened in 1997 in Mooresville, is adding 5,000 square feet to its building and hiring five more employees.

Jeff Pipkin, deputy director of the Morgan County Economic Development Corporation, said owners Mark Angermeier and Roger Wathen are wanting to expand the company’s markets for adhesive (glues and bonding) products. Currently, they have 29 employees. They were first located in Indianapolis in the late 1980s, moving to Greenwood and then to Mooresville.

Wathen said they are mostly a domestic operation, but do have a few international customers.

“We’ve been wanting to do this for a year,” Wathen said. “The expansion will allow us to increase our supply of raw materials needed for our products; and it will also give us room for materials that we need for a new market, which compliments what we already do.”

The investment totals $400,000 for Capital Adhesives, which has owners and employees who have been actively involved in the Mooresville community.

Just a month ago, the commission recommended a 10-year tax abatement for Equipment Technologies Inc., which wants to expand its current site in Flagstaff Business Park and add another site within the town of Mooresville.

The commission also heard totals from each of its TIF funds from Mooresville Clerk-Treasurer Sandra Perry. TIF stands for tax increment financing, which means that taxes on increased real estate value or new investment in a developing area are used to fund certain projects.

Harold Gutzwiller, president of the commission, said these were just the existing totals and the amounts did not show the obligations that were against some of them.

TIF I has a total of $3,137.506, with interest of $320,000. An expanded area in TIF II is totaled at $164,843. The total for TIF II is $1,144,852, with a final total of all funds at $5,067,203.

Gutzwiller said the commission has followed through on its commitment of $100,000 to Equipment Technologies Inc. to offset its equipment costs and for improvements inside and out.

The letter of understanding has been sent, and Gutzwiller said all that remains is for company officials to sign it. The letter does state, though, that if the expansion project does not move forward in the expected time frame, the company will have to repay all or part of that money to the commission.


Capital Adhesives, just south of Mooresville off of Ind. 67, is planning to expand its current faciity and was recently recommended for a six-year tax abatement. The business has been in Mooresville area since 1997. Photo by Amy Hillenburg.

Copyright: Reporter-Times.com/MD-Times.com 2011

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Categories: Uncategorized
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