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Concepts Industrial Asset Disposal, Inc., a distribution and asset disposal company, announced plans today to grow its operations here, creating up to 25 new jobs by 2014. The company will invest $1.77 million to purchase and equip a 108,000 square-foot facility.
"Innovative companies like Concepts Industrial continue to reinforce that Indiana is the right place for entrepreneurial businesses to invest and grow," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "The tremendous growth this company has experienced in a short time span illustrates the success of our talented workforce and pro-growth tax policies."
Concepts Industrial, which buys and sells heavy industrial machinery through online auction websites, currently employees 16 full-time Indiana workers. The company plans to begin hiring additional shipping clerks, sales and research associates next month.
"Deciding to stay in Indiana was our best choice," said Mike Farrell, president of Concepts Industrial. "Both IEDC and the town of Sunman were open to working with a growing company like ours. We look forward to future expansion and partnerships within the community."
Founded in 2005 and operated out of the owner's garage, the company has since grown to facilitate sales nationwide and internationally with more than $3,000,000 in revenue in 2010. The company, on average, operates between 6,000 and 8,000 online listings at any given time.
The Indiana Economic Development Corporation offered Concepts Industrial Asset Disposal, Inc. up to $130,000 in performance-based tax credits and up to $17,250 in training grants based on the company's job creation plans. The town of Sunman will consider additional property tax abatement.
"The town of Sunman is proud to be the new home of an innovative and forward thinking company such as Concepts Industrial," said Wayne Jenner, president of the Sunman town council. "We know they will be a great asset to the town as well as Ripley County."
Concepts Industrial's announced expansion is the latest in a string of jobs announcements in southeast Indiana. Yesterday, Aisin Drivetrain, Inc. (ADI), a manufacturer of components and materials for the automotive industry, announced that it will expand its operations in nearby Jackson County, investing $14 million and creating approximately 40 new jobs by 2014.
About Concepts Industrial
Concepts Industrial Inc. is a distribution and asset disposal company that deals primarily with large automotive component manufacturers including General Motors, Ford and Chrysler Corporation. As a manufacturer adds new machinery and equipment lines or closes existing plants, Concepts may purchase the property being removed, and assist in the removal of the existing components. Concepts will then breakdown & refurbish electrical components, robotics, processors, sensors, motors, etc, and resell as replacement parts. Patrick M. Farrell started the company in his garage in 2005 and has grown it to a $3,000,000+ business in 2010. Approximately 70% of Concepts' sales are domestic with approximately 30% international sales.
About IEDC
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.
