The Plymouth Common Council approved a personal property tax abatement for Hoosier Racing Tire.
Hoosier announced it will invest approximately $16.8 million in new equipment as part of its ongoing expansion at its Plymouth facility.
This investment includes a new radial tire building machine and tooling, a new hydraulic press, a semi-automatic lube booth, molds, and other general manufacturing and material handling equipment. Currently, Hoosier Racing Tire employs 447 people. This investment will retain these employees and the $27 million annual payroll as the company continues to improve efficiency and productivity.
The tax abatement involves a seven-year phased schedule. As the value of the personal property increases and is added to the company's assessed valuation, it is expected to generate approximately $512,749 in tax revenue for the City of Plymouth.
Hoosier Racing Tire continually plans to meet the ever-changing market demands for high-performance tires suitable for all levels and types of racing. Hoosier has collaborated with the Marshall County Economic Development Corporation at the local level and the Indiana Economic Development Corporation at the state level to secure this investment and maintain the Plymouth location's efficiency and productivity.
Work is expected to start soon on these vital facility additions. Mark Spence, VP of Manufacturing, was joined by Scott Barry, Controller, at Monday's meeting. Spence mentioned that although it will take several quarters to fully install and become productive, work on the project will begin immediately.
Greg Hildebrand, President and CEO of MCEDC, remarked, “Hoosier Racing Tire has been and continues to be a model corporate partner for Marshall County. Their team members and associates are engaged in the community, working with charities and events throughout the county.”
The abatement request was approved unanimously, with several council members praising the organization as an excellent community partner. Hoosier Racing Tire was acquired by Continental Tire in 2016. Hoosier remains the largest race tire manufacturer in the world, producing over 1000 different types of racing tires.
New storm recovery texting service to connect impacted Hoosiers with disaster resources
Indiana Pork and Indiana Beef donate State Fair food to support flood-ravaged communities
Parke County native enjoys success with latest business endeavor
IDEM reminds residents to sort and safely dispose of flood debris
Gov. Mike Braun orders flags lowered to half-staff in honor of Dolly Parton
Indiana law enforcement to increase impaired driving enforcement ahead of Labor Day
Indiana State Fair "Taste of the Fair" presented by Pepsi announces 2026 winners
Indiana Agriculture and Technology School featured at recent Rockville Rotary meeting
Dwight Ashley joins Rockville Rotary
Greencastle Music Fest is this weekend
Little Italy Festival is right around the corner
Indiana launches emergency program for veterans impacted by historical flooding
Driver charged after spotted by officer speeding and driving recklessly
