Online Distributor to Expand in Ripley County

(Sunman, Ind.) – A Sunman company is growing with a $1.77 million investment aimed at meeting increased demand for their services.

Concepts Industrial Asset Disposal, Inc. and the Indiana Economic Development Corporation announced Wednesday the company will make the investment to purchase new equipment in a 108,000 square foot facility.

It will create up to 25 new jobs by 2014, with some of the new hiring for clerks, sales and research to begin next month. Concepts currently employs 16 full-time employees in Indiana.

The company buys and sells heavy industrial machinery through online auction websites. It was founded in owner Mike Farrell’s garage in 2005.

Since then, Concepts Industrial has grown to more than $3,000,000 in annual revenue from clients around the globe. It has between 6,000 and 8,000 online listings at any given time.

"Deciding to stay in Indiana was our best choice," said Farrell, president of Concepts Industrial. "Both IEDC and the town of Sunman were open to working with a growing company like ours. We look forward to future expansion and partnerships within the community."

According to a news release, the Indiana Economic Development Corporation offered Concepts Industrial Asset Disposal, Inc. up to $130,000 in performance-based tax credits and up to $17,250 in training grants based on the company's job creation plans. The town of Sunman will consider additional property tax abatement.

"Innovative companies like Concepts Industrial continue to reinforce that Indiana is the right place for entrepreneurial businesses to invest and grow," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.

"The tremendous growth this company has experienced in a short time span illustrates the success of our talented workforce and pro-growth tax policies."

"The town of Sunman is proud to be the new home of an innovative and forward thinking company such as Concepts Industrial," said Wayne Jenner, president of the Sunman town council. "We know they will be a great asset to the town as well as Ripley County."

Concepts Industrial's announced expansion is the latest in a string of jobs announcements in southeast Indiana. Yesterday, Aisin Drivetrain, Inc. (ADI), a manufacturer of components and materials for the automotive industry, announced that it will expand its operations in nearby Jackson County, investing $14 million and creating approximately 40 new jobs by 2014.