Sequel Wire and Cable (Sequel), a startup wire and cable company, announced plans today to launch its operations at the Argos Manufacturing Center in Marshall County. The company plans to begin building its team early next year.
“Indiana has the most concentrated production workforce in the nation, and if you combine that with our pro-growth business climate, it makes the Hoosier state the perfect destination for companies like Sequel to start and scale operations," said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). "We love coming alongside companies big and small to plug them into Indiana’s growing economy, and I’m confident our business climate and talent pipeline will allow Sequel to thrive.”
Sequel will invest approximately $53 million over the next few years to purchase and equip the newly-constructed, 50,000-square-foot Argos Manufacturing Center at 151 Dewy St. To support the company’s expected production, the company plans to more than double the square footage of the building, increasing its Marshall County footprint to 162,500 square feet. The expanded facility, which is expected to be operational in early 2020, will house manufacturing equipment to produce the company’s wire and cable products.
"We appreciate the support shown by Indiana Economic Development Corporation, the town of Argos, Marshall County Economic Development Corporation and the Argos Economic Development Commission as we have put together our plans to make this investment," said Sequel member James Merritt. "Sequel looks forward to becoming part of the Argos community and being able to give back to the community that has helped to make this business a reality.”
With its expected growth, the company, started by four people, plans to create 120 new jobs by the end of 2024, hiring 26 employees by the end of 2020 and adding another 94 positions over the next few years. Interested applicants can email HR@sequelwire.com for more information.
Sequel will fabricate insulated copper wire for a variety of markets and clients. In its new facility, the company will focus on utilizing new technologies to increase efficiency, such as solar and rain collecting methods.
As part of north central Indiana’s Smart Connected Communities plan to attract investment and enhance quality of place in the region, the Argos Manufacturing Center received $400,000 in Indiana Regional Cities Initiative funding, bringing the total project investment to more than $2.7 million. To date, $119.7 million has been awarded to support quality of place projects through the Regional Cities Initiative, leveraging $1.08 billion in additional co-investment from other public and private sources (a 9.1-1 investment leverage ratio).
"These newly created jobs mean a lot, and we value the expression of confidence in the way that we're now attracting and supporting such advanced manufacturing operations," said Argos Town Council President George Null.
The IEDC offered Sequel Wire and Cable LLC up to $1.48 million in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The town of Argos supports the project at the request of the Marshall County Economic Development Corporation.
About Sequel Wire and Cable
Founded in 2019, Sequel will fabricate insulated copper wire for a variety of markets and clients. The company will focus on utilizing new technologies to increase efficiency, such as solar and rain collecting methods.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.