EDC approves grant for manufacturer

A growing company received a green light for a $95,000 Economic Development Income Tax grant. 

At its Sept. 9 meeting, Economic Development of Wayne County’s board approved Transcendia Inc.’s incentive request. County commissioners are expected to vote Sept. 18 regarding its approval.

Cody Cohoon, Richmond’s plant manager, said Transcendia plans an approximately $3 million improvement of its property at 300 Industrial Parkway in Richmond to prepare for a new state-of-the-art production line. Expenses include utility upgrades and a new crane and compressor. 

The company’s new production line, which could be ready by July 31, 2025, will cost about $10.5 million. 

The extra-wide triplex co-extrusion laminator/coater would be able to laminate up to three different substrates in one pass at high speeds. The equipment is ideal for making complex composite films for health care and food/beverage packaging markets.

Cohoon said that the new products will increase sales possibilities in those industries. 

Transcendia officials say they’d have a strategic industry advantage with the new line’s most advanced winding, extrusion and automation technology. 

The company also plans to convert existing warehouse space at 305 Industrial Parkway to accommodate manufacturing. That work, such as new bathrooms, a breakroom, chiller, transformer, switchgear and LED lighting, will cost about $3.5 million. 

The company plans to add an estimated 10 new full-time jobs in 2024 and 20 in 2025. Existing and new employees would receive training especially focused on upskilling for the new production line. 

Cohoon is in his second year as plant manager and sixth year with the company. He said he has ambitious plans for the Richmond location for the next 10 to 15 years.  

Transcendia now employs 122 full-time employees at an average hourly wage of $25.95, not counting fringe benefits or bonuses. The new workers would be paid an average of $23.50 per hour, totaling $1,466,400 before benefits.  

Site consultant Kathy Mussio said Transcendia is serious about investing and growing in Richmond, and state and local incentive support has encouraged that growth.  

In other business 

• EDC received its audit from 2023 from Brady Ware & Schoenfeld. No issues were found.
• Environmental inspections have begun for blight elimination projects through the county. 
• A regional target industry analysis has kicked off. 
• Wayne County’s committee, including EDC President Valerie Shaffer, reviewed 56 applications for Regional Economic Acceleration and Development Initiative 2.0 funding and scored them for regional consideration. Indiana EDC will review the regional finalists before approval. Shaffer expects the announcement will be several weeks away. 
• One more remote worker has moved to Wayne County and received a Make My Move relocation package, bringing the total to 16. Five more offers have been accepted for a move within six months. Four additional offers are currently pending.