A UK-based company plans to invest $1 million and bring 100 new jobs to Cedar Park after the city council unanimously approved an economic incentive agreement with the company at its June 27 meeting.
Additive Manufacturing Technologies Ltd. (AMT), a high-tech manufacturing company based in the United Kingdom, said it plans to invest $1 million in capital expenditures to develop an 18,085 square foot facility to be located at 1200 BMC Drive. The company says it plans to add 100 jobs with an average salary of $80,000 at its Cedar Park Innovation Center.
City documents show that the company' operations are projected to generate $1.844 million in sales tax revenue for the city.
The city’s performance-based agreement would provide $580,850 in economic incentives – funded by 3/8 cent of local sales tax – in exchange for the company leasing its planned site by the end of October 2019 and adding 100 jobs in 5 years. The agreement also provides a tenant improvement reimbursement and an equipment relocation incentive.
City documents show the project is expected to provide a 34.8 percent rate of return with a payback period of 3.1 years.
“AMT is creating jobs of tomorrow,” Cedar Park Director of Economic Development Ben White said. “They are providing a service that takes manufacturing to a new level.”
According to AMT's website, the company is a specialist in post-processing solutions for 3D printed parts, and is expanding its business operations and customer support into the North American market. Industrial 3D printing solutions company Farsoon Technologies as well as Mitsubishi Electric are partnering with AMT to grow its market base in the United States.