Advanced Mold & Engineering just got a boost from the city to help stay competitive amid challenges from both the industry and current circumstances.
On Tuesday, Columbus City Council approved a 10-year personal property tax abatement for the local company. According to a memorandum regarding the abatement, the abatement is on a $700,000 investment for “new manufacturing equipment to respond to the needs of the industry for higher production speeds and shorter delivery times.”
Assistant Director of Community Development Robin Hilber said that the abatement will allow the company to save about $21,000 over the next 10 years on personal property taxes, though they will still be paying about $14,000 in taxes during that period.
The memorandum, which was written by Hilber, stated that “The addition of these two machines will allow AME to compete with foreign competition and will result in the retention of 23 jobs and the addition of one new position.”
According to a letter to the mayor from AME President Myron Moorman, the company’s 23 employees are also working owners, since the company adopted and Employee Stock Ownership Plan.
“Our employees are highly skilled and their compensation package as part of this organization reflects their ability,” he wrote. “During this difficult time (COVID-19 pandemic) it has been difficult to attract these types of individuals.”
He said that both the employee ownership plan and high-quality equipment would help attract such workers.
Moorman stated that abatement is specifically on a Sodick CNC EDM Machine and a Makino High-Speed CNC.
“The capabilities of these machines help with the higher production speeds and shorter delivery times that customers are demanding of our industry to compete with foreign competition,” Moorman wrote.
City councilwoman Elaine Hilber commended the company for having a median wage for their employees that is “well above the requirement.” Hilber is on the Incentive Review Committee, which reviews tax abatement requests before they come to city council.
She also thanked the company for investing not just in equipment but also in the city itself.
“We have a huge shortage of skilled labor, so we thank you for your investment in Columbus,” she said.
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According to company president Myron Moorman, "Advanced Mold & Engineering is a familiar business with the City of Columbus, expanding its operation from a very modest beginning in 1994 into a well-established manufacturer of plastic injection molds and ancillary tooling and repair service for the plastics injury."
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