Fort Wayne, Ind. (July 23, 2008) —To meet growing needs driven by customer demand, PolyMod Technologies, Inc., is preparing for a 7,000 square foot expansion to its existing Fort Wayne facility. In addition to the building expansion PolyMod Technologies will also be creating five new full-time positions while retaining its current full-time staff.
PolyMod Technologies produces specialty hydraulic and pneumatic seal systems for the medical and aerospace industries. The company was established in 1992 by William S. Shamban and is currently located at 4146 Engleton Drive.
The projected cost of the project is approximately $497,959. The majority of the budget ($377,959) will go toward real estate improvements with the remainder slated for manufacturing and information technology equipment upgrades. The new equipment will be used for direct production and the development of new products.
PolyMod Technologies has requested that taxes on the reinvestment be phased in over time. The company could realize $52,000 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.