Noblesville, IDI Composites Reach Resolution
to Ensure Company Will Remain in Noblesville
The City of Noblesville and IDI Composites International have reached a resolution of business retention negotiations today.
“We have been dedicated to keeping IDI in Noblesville since the beginning of these discussions,” Noblesville Mayor Chris Jensen said. “This has not been an easy process, but it has been productive for both the city and for IDI, ultimately leading to an agreement that preserves 90 jobs with an expectation of adding 25 more in the next five years.”
The agreement includes an estimated $24.3 million investment from IDI in a new 121,000 sq. ft. manufacturing facility located in Washington Business Park.
Washington Business Park is a project in partnership with Patch Development that transforms 75-acres of prime real estate along SR 37 into a business park to include 11 customizable parcels ranging from 2-acre to 22-acre sites.
“Mayor Jensen and his administration have demonstrated that keeping our company in Noblesville was a priority by coming to the table with solutions-based proposals,” said IDI Composites CEO Tom Merrell. “While this is a change for us, we are excited to announce this project and continue to invest in the city that we love.”
Jensen added that this resolution gives the city certainty in acquiring necessary property to construct a key roundabout for the Pleasant Street project on a timeline that keeps the project on schedule.
“Keeping a 55-year Noblesville business that has grown to establish a global market was priority number one since these negotiations began,” Jensen said. “Through these talks, we have created an environment to allow for IDI to continue to grow and stay in our community.” The final agreement will be presented to the Noblesville Common Council in the coming weeks for approval.