Pyrolyx seeking bonds for $70 million

The Terre Haute Economic Development Commission approved a resolution that could help expand business for Pyrolyx.

Posted: Dec 12, 2019 11:40 PM
Updated: Dec 13, 2019 12:31 PM

TERRE HAUTE, Ind. (WTHI) -- Pyrolyx is looking to build a second facility in Terre Haute.

It will be on the same property as its first location.

The company takes end of life tires and creates it into carbon black.

Company leaders estimate the facility costing $52 million.

Thomas Redd is the CEO of Pyrolyx USA.

He shares how a second facility would benefit the community.

"We'll be adding about 50 jobs to our facility, and with a total annual payroll of approximately $2.5 million per year," Reed said.

The company is asking the City of Terre Haute to issue a bond up to 70 million dollars through Economic Development Solid Waste Facility Revenue Bonds.

Neither the city nor the taxpayers are liable for this bond.

The bond issuer is responsible.

It's solid waste financing that will give them a tax-exempt interest rate.

Steve Witt with the Terre Haute Economic Development Commission shares why they're in support.

"When they're done with this second plant, in West Central Indiana, they will be directly employing 130 people, they will have an investment approaching $100 million, so it's a very nice project for our community," Witt said.

Thursday’s meeting is the first step in financing for the facility.

The company financed its first facility worth $42 million through this process.

"We're bringing good jobs to Terre Haute. Our average pay is $19 an hour with good benefits and we've been extremely pleased with the support of the city, as well as the workers we've been hiring," Redd said.

The company is looking to start building the second facility in the first quarter of 2020.

Pyrolyx will go before the Terre Haute City Council in January for approval of the bond ordinance.

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