CLARKSVILLE, Ind. — People in Clarksville looking for work got some good news at their town council meeting Tuesday night. The town council voted to offer $95,000 in incentives to Siddhi Integrated Manufacturing Services Inc.
The Indian-based company specializes in custom contrast manufacturing. According to a news release from the town, owners recently purchased a new headquarters and manufacturing facility on Lynch Lane in Clarksville.
The company plans to use the money to redevelop and improve an existing business property in Clarksville. Council leaders said the expansion will create as many as 30 new jobs with an average salary of approximately $18.43 an hour.
The upfront investment from Clarksville will be $15,000 and $80,000 structured as a tax credit based on the performance of the business over the next 5 years.
"Siddhi Manufacturing will be a great addition to our growing business community and we look forward to witnessing their success,” said Ryan Ramsey, President of the Clarksville Town Council. “The Town is honored that they have chosen to call Clarksville home."
According to the news release, the Indiana Economic Development Corporation also offered Siddhi Manufacturing up to $225,000 in conditional tax credits based on the company’s job creation plans. The tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
The new facility is expected to be open later this year.