Carol Johnson, Southern Indiana Business Report
BEDFORD – A Bedford company that specializes in diamond tooling and machinery for the stone industry received tax abatement to modernize its equipment.
The Bedford City Council approved tax abatement for WF Meyers’ personal property investment of $669,000 at the July 16 meeting.
Alex Barnes, WF Meyers president, said the new machinery will replace equipment that is 25 years old.
“This investment will improve the quality of products we make and continue to position WF Meyers as a market leader,” Barnes said. “This is top-of-the-line equipment. It’s the most current and the best available on the market. It takes us from old technology to cutting-edge technology.”
The new investment consists of a cold press and a hot press. The cold press has a diamond arrayer and can align diamonds in a segment, which will extend the life of cutting tools. Barnes said the hot press uses 70% less power than traditional presses. A chiller the company purchased also will improve efficiency by recirculating water used to cool the machines.
The new hot press, Barnes said, is one of just 28 made by the manufacturer currently in use worldwide.
Tax abatement is a tool used by governments to reduce or eliminate property taxes to encourage investment and economic development.
Barnes worked with the Lawrence County Economic Growth Council and its CEO Shance Sizemore on the abatement application.
Pursuing tax abatement was the right decision for the company, Barnes said.
The new equipment will increase production capacity and allow the company to look at expanding into new markets in the future. Barnes said with the additional capacity, the company could expand to do tooling work for the concrete industry as well as expand into granite.
“These are long-term projects that will take time, research and development but this new equipment puts us in a position to pursue opportunities in adjacent industries,” he said.
A family-owned company in business since 1888, Barnes said WF Meyers takes a customer-centric approach. Many of its customers have been buying their tools from WF Meyers over several generations.
Located at 1008 13th St., WF Meyers moved from New York to Bedford in 1911. The company employs a team of craftsmen, engineers, designers and production workers.