Futurex Industries Inc. plans to spend about $2.2 million to build a sheet extrusion plant in Terre Haute, Ind. The Bloomingdale, Ind., firm said it needs more capacity for several of its product lines and chose to be the first tenant in the Vigo County Industrial Park because of good infrastructure, a trained work force and financial assistance for a railroad siding and employee training.
Futurex Vice President Harold Hooe said his firm will complete a 24,000-square-foot building in February that it plans to expand to 50,000 square feet. He did not disclose the Terre Haute plant's targeted extrusion capacity.
Futurex's main product line is printable polyethylene sheet for looseleaf notebooks, signs, mud flaps and other applications. Other sheet products include high density PE, ABS, polystyrene and rigid PVC for recreational vehicle, agricultural, packaging, display and dunnage markets.
It has three extrusion plants in the Bloomingdale area, where its Formflex division die cuts looseleaf sheets. The company also operates a thermoforming plant for pickup truck bed liners in Rome, Ga.
The 27-year-old, private company has annual sales of about $21 million and employs about 300.
Futurex slated the Terre Haute facility for its long-term growth. It will work closely with nearby Ivy Tech State College's Plastics Productivity Center to train new workers as it expands Terre Haute's employment to about 100 within three years.
``Our new facility will allow us to modernize our equipment, and the college will give us the opportunity to offer our pro-duction teams the best possible training,'' Futurex President Richard Kremer said in a news release.
Indiana will provide a $14,000 grant for worker training.
Futurex will keep operating the Bloomingdale plants but their expansion is limited by the loss of railroad services and other problems with the infrastructure.