Hoosier Racing Tire investing $16.8M in Plymouth facility

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.