$13 million expansion to create 60 jobs at Accugear
A $13 million expansion is expected to create 60 new jobs at a Fort Wayne firm.
Accugear Inc. is asking City Council for a tax abatement on its plan to spend $7 million on a 67,000-square-foot addition to its current 89,000-square-foot facility at 6710 Innovation, plus another $6 million on new equipment. Council is expected to consider the application Tuesday.
Accugear, which makes gears and other components for the automotive and other industries, had about $30 million in sales last year and currently has about 100 employees. The additional 60 employees would have a total annual payroll of about $2.37 million, according to the application. The project is expected to start next month, with completion in December.
Abatements temporarily reduce the taxes paid on new buildings and equipment. If the application is approved, Accugear would save $428,332 in property taxes over 10 years and nearly $1.2 million in equipment taxes.