Progressive Materials Plans Floyd County Expansion
Progressive Materials, a silicone roofing systems manufacturer, announced plans today to expand its operations in southeast Indiana, building a new, state-of-the-art headquarters in New Albany and creating up to 25 new jobs by 2023.
"With the highest concentration of manufacturing jobs in the U.S., Indiana has established a strong reputation for making products that are used around the world," said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). "Because of the state's low-cost, tax-friendly business climate and skilled workforce, small businesses like Progressive Materials have the confidence to expand and create good jobs for Hoosiers."
The company, which is one of the largest silicone coatings manufacturers in the U.S., will invest $13.4 million to expand its New Albany-based headquarters after outgrowing its current facility at 540 Central Court. Progressive Materials will construct and equip an approximately 100,000-square-foot corporate campus at the New Albany North Industrial Park off Hausfeldt Lane with plans to be operational in the new space by December 2019. The complex will be home to Progressive Materials' manufacturing operations, warehouse space, distribution center, sales and marketing offices and quality control laboratories. With this expansion, the company plans to enhance its customer base and complement its rapid sales growth, which surpassed $32 million in 2017 alone.
Progressive Materials, which currently has 16 full-time employees in New Albany, will begin hiring in 2019 for electrical and operator technicians, silicone-specialized chemists, and administrative associates. New positions are expected to offer salaries above the county and state average wage. Interested applicants may apply online.
“The leadership at Progressive Materials is very excited about staying in Indiana for the company’s continued growth and expansion," said Sean Stumler, president of Progressive Materials. "The move to a fully-automated, state-of-the-art facility is a huge step for our company, and everyone from the state of Indiana, the city of New Albany, and One Southern Indiana have been incredibly helpful throughout the process. We appreciate all the work and support that has gone into making our proposed expansion a success, and we look forward to continuing our winning strategy here in southern Indiana.”
Family-owned and operated since 2011, Progressive Materials' roof coatings and foam roofing systems are designed to reduce life-cycle costs, improve performance and increase the overall sustainability of new and existing buildings. According to the company, silicone is extremely flexible, cures rapidly, and resists oxidation, severe weather, ozone, UV rays, and other chemicals that may damage roofs.
“The city of New Albany is excited to be working with Progressive Materials to not only keep the company here in the city but also to consider the New Albany North Industrial Park as an ideal location for its new headquarters and manufacturing operation," said New Albany Mayor Jeff Gahan. "The largely-automated, advanced manufacturing facility has extraordinary growth potential and would offer new, high-wage job opportunities to our citizens. The city will continue to assist Progressive Materials in its growth plans, for the benefit of both now and in the future."
The IEDC offered Progressive Materials up to $240,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of New Albany will consider 10-year and five-year real and personal property tax abatements, respectively, at the request of One Southern Indiana.
Progressive Materials' announcement comes on the heels of National Manufacturing Day in which 22 companies announced plans to locate in or expand in Indiana, together committing to invest more than $154 million in their Hoosier operations and create up to 1,090 new jobs over the next several years. Indiana is a leader in manufacturing, with 8,500 manufacturing facilities and the highest concentration of manufacturing jobs in the U.S., supporting one in five Hoosier jobs.
About Progressive Materials
Progressive Materials was founded in 2011 and started selling silicone roof coatings in 2012. The company's corporate headquarters as well as the manufacturing facility are located in New Albany, Ind. Progressive Materials has grown rapidly and is presently one of the largest silicone coating manufacturers in the U.S. The company’s mission is to be the premier roofing systems manufacturer through superior customer support, expert technical knowledge, and a strong commitment to product performance. For more information on Progressive Materials, visit PMsilicone.com.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.