News and Tribune

Business/Money

June 18, 2014

Borden company receives state economic incentive contract

Koetter & Smith plans to build facility on landfill site

EVANSVILLE — An online retailer, a major plastics manufacturer and a wood-products company in Borden recently signed economic incentives contracts with the Indiana Economic Development Corp. for projects in Southwestern Indiana.

On its website the IEDC maintains a “transparency portal” where the public can obtain information on companies that have qualified for state economic development incentives since 2005.

According to that site, Evansville-based Sam Tucker LLC; Mount Vernon’s SABIC Innovative Plastics: and wood products company Koetter & Smith have all signed contracts for state-level incentives within the past few weeks.

Koetter & Smith is a Borden-based company that recycles wood into various products. According to its contract with the IEDC, the company plans to build a facility on a landfill site in Elberfeld, which is in Warrick County. The company will take landfill-bound wood products and turn them into poultry bedding and landscaping materials.

Koetter & Smith qualified for a training grant of up to $30,000.

All of the IEDC’s incentives are performance-based — companies receive incentives only after they follow through on their investment and job creation plans.

Others receiving incentives:

• Sam Tucker LLC is an online retailer that sells-high-end bedding and home goods via its websites ExceptionalSheets.com and eLuxurySupply.com. The company now operates two warehouse locations, on Baumgart Road in Evansville and one on Ind. 57, with close to 18,000 square feet of space total.

The company’s owner, Paul Saunders, said he plans to consolidate his warehouse space at one larger facility that would occupy 60,000 to 70,000 square feet.

The IEDC has offered Saunders’ company an employee training grant of up to $100,000, and EDGE tax credits of up to $235,000. The awards are based on the company’s plans to hire and train at least 50 employees; and on an expected capital investment of $1.16 million, the contract says.

• SABIC Innovative Plastics has qualified for a training grant of up to $200,000 to help cover the cost of training 240 employees at its Mount Vernon facility.

Company spokeswoman Shelia Naab said the training is related to two separate projects that SABIC announced in December. Those projects include building a cogeneration plant that will produce steam and electricity for on-site power use; and improving the company’s chemical production process to make it more energy-efficient.

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ON THE WEB

• Indiana Transparency Portal — in.gov/itp

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