Precision machining company plans to reinvest $3.75 million for improvements
FORT WAYNE, Ind. (August 12, 2008) — CNC Industries, Inc., has announced plans to add to its building and production capacity in 2009. The precision machining company estimates the total cost of the improvements will be approximately $3.75 million. The project could result in the addition of 15 to 20 new jobs by 2009. CNC Industries supplies fabricated and/or assembled parts to customers in the aerospace, defense and medical industries. The company, which was founded in 1995 by Steven and Linda Deam, has been at its current 36,000 square foot Fort Wayne facility, located at 3810 Fourier Drive, since 2000.
Through the proposed project, CNC Industries will be adding new machinery, updating its information technology (IT) equipment and expanding its building. The majority of the project budget, approximately $2 million will be going toward upgrading manufacturing equipment, with $1.5 million slated for building improvements. The remaining budget, about $250,000, will be used for logistics and IT equipment upgrades. CNC Industries has requested that taxes on the reinvestment be phased in over time. The company could realize $265,000 in tax savings over ten years if the request is approved by the City of Fort Wayne. The Fort Wayne Common Council is currently considering that request.
More information on the company is available at http://www.cncind.com