News
10X to open in Wabash

By Joseph Slacian
jslacian@thepaperofwabash.com

10X Engineered Materials LLC, a clean-tech science and engineering startup company, plans to establish operations in Wabash County, creating 26 new, high-wage jobs by 2021, state, local and company officials announced Monday morning, July 9.


The firm will be located in the former Spiece Warehouse building, 11672 Manchester Ave.


"Indiana's reputation as a hub for innovation continues to grow as high-tech companies like 10X choose our state for growth," said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). "Our talented workforce and business-friendly environment make Indiana the best place to start and scale a business. We're excited 10X has chosen Indiana for growth and look forward to seeing the new technologies they develop and jobs they create in northeast Indiana."


Local officials have been working with company officials for about a year to convince them to locate here, according to Keith Gillenwater, President and CEO of Grow Wabash County.


“We originally were focused on a different building that ended up selling in the meantime, and then we worked to find an additional suitable location that worked for them,” Gillenwater told The Paper of Wabash County. “The state and city have been great partners, not only from the economic development aspect, but also with supporting state permitting that was necessary, a zoning variance through the Wabash City BZA and many others.


“We have a great team here working to make this project happen, including Bob and Kristi Lundquist, Rick Fisher, Doug Lehman and others. It really was a team effort to get them here to Wabash.”


Mayor Scott Long said, “This announcement by 10X Engineered Materials is welcomed, and is a culmination of months of work by the city of Wabash, Grow Wabash County, and many other local people. The jobs created will benefit our citizens, the manufacturing process will benefit our local industry and mitigate waste materials, turning them into a marketable product which helps our environment. We look forward to a long relationship with this company and its leadership team.”


10X, which will develop innovative material process technologies and products using industrial byproducts and other stranded or under-utilized resources, will invest more than $4 million to establish a 50,000-square-foot operations center at 1162 Manchester Ave. in Wabash, with plans to add another 22,000 square feet to accommodate its growth. The company, which was fueled by a financing round led by Ohio-based NCT Ventures, will work with insulation manufacturers in a complementary separation process to produce new material products from insulation byproducts. Construction on its facility is scheduled to begin this year.


Gillenwater said the firm is “a new cleantech company that has created new, patent-pending, technology to create a new class of engineered abrasive materials from byproducts from insulation manufacturers in the region.”


The company will hire up to 26 full-time employees, including a plant manager, skilled maintenance and manufacturing associates, administrators and salespersons. New positions are expected to offer salaries above the county average wage. Interested applicants should visit the company's career webpage at www.10XEngineeredMaterials.com.


“10X is proud to call Wabash home,” said Jacob Vaillancourt, officer of 10X. “As a fast growing clean-tech company it was important we invest in a location with pro-growth policies while also offering our company Midwestern values that align with our company's core values. 10X is playing an active role in securing a sustainable future through game-changing innovation.
“The well-known “Hoosier Hospitality” has been refreshing and we are excited to become a contributing and cooperative member of the community. The industrial talent of Indiana’s workforce will be critical for us as we continue to develop and manufacture next-generation material products in Indiana and across the country.”


Gillenwater said 10X officials initially contacted local officials about their project and needs.


“Over the last year, we worked with them to put them in contact with other potential customers and suppliers, to find a location, negotiating incentives and to help them work through a new program that came out with the federal tax legislation that created Opportunity Zones to use to their advantage” he said. “In short, we worked hand-in-hand with them over the last year to pull this project together and find it a home in Wabash County.


“They have been great to work with from the get-go, and they will be great partners in Wabash.”


The IEDC has offered 10X up to $145,000 in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans. These incentives are performance-based, meaning that until Hoosiers are hired, the company is not eligible to claim incentives.


The city of Wabash will consider additional incentives at the request of Grow Wabash County.


Those incentives are expected to include a $200,000 loan to be repaid through tax increment financing, or TIF district, that was approved last week by the city’s Redevelopment Commission.
 

Posted on 2018 Jul 10