Ken McCrory, Executive Director, DeKalb Economic Development, 260-927-1180
Scrap Metals Facility Locating in Waterloo
Waterloo, Ind. (11/14/2012) – Officials from MetalX, held a ribbon cutting ceremony Wednesday to unveil their new recycling facility in the Town of Waterloo. Company officials said that the scope of the operation will include ferrous and non-ferrous scrap metal purchasing, processing, sale, and shipping. MetalX will also engage in metal brokerage and trading on a national level.
MetalX will invest approximately $31,800,000 on a 70-acre site over the next five years. The investment includes more than 50,000 square foot of building space, 2,000 feet of rail spur and paved roads, and scrap processing and handling equipment. At the outset, the business will employ around 75 new full-time positions with an anticipated workforce of 200 employees by 2016.
Danny Rifkin, MetalX president & CEO, said, “The town of Waterloo has been excellent to work with, as has DeKalb County. We appreciate the warm reception from town officials and residents and look forward to becoming a part of the community. While we envision our company’s growth to eventually include operations in other regions, we see this as our base and plan to keep investing in Fort Wayne and Northeast Indiana.”
“The Town of Waterloo is elated that MetalX chose our community to locate their operations. We are dedicated to a long-term partnership with MetalX and are pleased with their commitment to provide new opportunities and jobs to the Waterloo community,” commented Candi Surber, Waterloo Town Council President. Also, Town Manager, DeWayne Nodine, stated “The MetalX facility is a great example of the private-sector investment that can be leveraged when a community takes a proactive approach to extending public infrastructure via the Tax Increment Financing (TIF) process.”
Ken McCrory, of the DeKalb Economic Development Partnership, said that state and local incentives were important factors in the decision by MetalX to locate in Waterloo. According to McCrory, the assistance offered by the Town of Waterloo was supplemented by incentives from the Indiana Economic Development Corporation. These included a performance based refundable tax credit called EDGE and job training funds that total an estimated 1.5 million dollars over the next ten years.
Photo courtesy of The Star, Thursday, November 15, 2012
Town of Waterloo Council Members from left are Candy Surber and William Hubartt, MetalX President and CEO Danny Rifkin, Waterloo Town Manager DeWayne Nodine, DeKalb County EDP Executive Director Ken McCrory, and Town of Waterloo Council Members Bob Knott, David Bolton and Nathan Diehl take part in a ribbon cutting ceremony at the new MetalX recycling plant in front of a massive, 125-horsepower baler that compacts recycled aluminum, copper, brass and other nonferrous metals.