Hexcel Corp. announced today it would build a $150.5 million expansion on land it recently purchased from the TVA.
The new building, which will produce acrylic fiber for use in carbon composites, will add 35 employees with average annual wages of $49,000, not including benefits.
The Decatur Industrial Development Board agreed to abate $4.9 million in state and local sales taxes during the construction period, along with an abatement of $4.6 million in property taxes over the next 10 years.
The project will generate about $571,000 a year in property taxes for schools and $606,000 in one-time sales taxes for schools during construction.
Also today, Gavilon Grain LLC -- which operates at the old Cargill site -- increased the size of a planned expansion from $10.3 million to $16.3 million. It will add three employees to its existing 12.
Read more in the Friday edition of The Decatur Daily.