LAFAYETTE, Ind. (WLFI) - A local company is getting some help from the City of Lafayette so it can make major improvements.
Southwire is a family owned company that makes electrical wires and cables. It's Lafayette location is at the corner of Sagamore Parkway and Union street.
The company plans to invest $22 million into upgrading equipment at its Lafayette plant. This will help modernize equipment and bring in 15 new jobs. The Lafayette Redevelopment Commission approved a seven-year tax abatement for the company on Thursday.
Mayor Tony Roswarski said this is a major investment in Lafayette.
"Their company is investing $22.5 million in our community and that facility and that's a big win for us," he said.
The abatement will only release tax pressure on the new equipment being bought, not any current taxations. This is part of a five-year modernization plan for the company. Southwire first came to Lafayette in 2014. While it may only have been here for five years, Mayor Roswarski said it's impressive that the company is already putting so much into its Lafayette plant.
"What that tells us is, we (Southwire) believe in the community, we like the workforce here this is a good business environment, it's good quality of life," he said.