Value Plastics Inc. is considering a $28 million facility in Loveland, Colo., to manufacture plastic tubing components for the medical device industry.
Loveland city officials are considering offering the company a financial incentive of upward of $1 million to build its new facility in the city. According to a city memo, the company also looked at locations in Georgia, Illinois and Ohio.
Value Plastics produces over 4,000 various plastic tubing components, including check valves, stopcocks and quick connections for the medical device industry. The company sells the components to various medical device equipment manufacturers.
The company would relocate 83 jobs to the facility and add approximately 60 new jobs with an average salary of $72,000 annually, a city document said.
The incentives include wavier of building permits fees and construction materials use tax ($311,110); wavier of capital expansion fees and system impact fees ($230,000); cost infrastructure improvements on the site including water, sewer and electricity ($313,771); assumption of the third party reimbursement agreement ($39,472); and rebate of business personal property tax for five years ($200,000).
The City Council is expected to vote on the incentive package on Oct. 1 and the company is expected to make a final decision on the location of a new facility in November, city documents said. An official with Value Plastics did not return a phone call seeking comment on the potential new facility.
Value Plastics is a subsidiary of Westlake, Ohio-based Nordson Corp. The company had $1.4 billion in sales in 2012 with more than 5,000 employees.