FRANKLIN, Ind. (Inside INdiana Business) — An automotive metal seat component manufacturer is planning a major expansion in Franklin. Our partners at the Daily Journal report South Korea-based Daechang Seat Co. is looking to invest $30 million to build a new metal stamping plant and create 100 jobs by 2024.
Tim Conrad, an economic development consultant for the company, tells the publication construction on the 250,000-square-foot facility could begin early next year and be complete by the fourth quarter.
Daechang is seeking a 10-year real property tax abatement and a five-year personal property tax abatement, which will save the company an estimated $2.5 million, according to documents filed with the city.
The new jobs would also pay an average of $17.50 per hour. Conrad tells the Daily Journal the company plans to recruit locally and hopes to attract workers with its wages and company culture.
The Franklin City Council will consider the incentives at its next meeting on June 21.