A local firearms manufacturer has plans to relocate from the 8000 block of North U.S. 31 just south of Reddington into Seymour city limits this year.
FosTecH Inc. will take over the former Bender Lumber building at 320 Myers Lane north of the former Aldi grocery store in order to expand.
Owned by brothers David, Paul and Mark Foster and cousin, Judd, the company makes Origin-12 shotguns, ultralight AR-15 rifles and a line of firearm accessories.
With continued demand in the firearms market, the business has experienced much success and growth over the years. The company sells mainly through wholesalers but also has a website.
Founded in a garage in Seymour in 2010, FosTecH has grown into a multimillion dollar company employing 13 full-time and more than 15 part-time workers. The company tends to hire police officers, firemen and emergency technicians as part-time workers, President Judd Foster said.
The relocation will allow the business to add four more full-time positions, according to a statement of benefits the company filed with the city earlier this month.
Judd attended Monday night’s Seymour City Council meeting to request two tax abatements for a total investment of $1,075,000.
Council members approved both requests.
The Fosters plan to spend $500,000 in real estate improvements to enclose the 30,000-square-foot back area of the Myers Lane building, paint and put new metal on the building, restore curb and signage and add a new dock area.
That work is expected to begin in August and be completed by July 2019.
The second abatement is for the purchase of $575,000 in new equipment. The company’s mission requires FosTecH to stay on the cutting edge of technology. It currently owns multiple patents and has patents pending on a variety of products.
Both tax abatements are good for a period of 10 years. For the first year, FosTecH will not have to pay any taxes on the investments. Each year thereafter, it will be required to pay a percentage, which increases by 10 percent each year until the abatement expires.
Council members also approved a transfer of a previous abatement that had been granted to FosTecH by the Jackson County Council in 2017 for a $360,000 investment in equipment.