The Federal Reserve’s new communication strategy was supposed to make it easier to decipher the intentions of the famously secretive institution. Markets, however, seem to have missed the memo.Superior Essex will invest almost $2.4 million in new magnet wire production equipment, which includes an oven, plant manager Jesse James said Friday.
The company will also create add 20 new jobs.
The Atlanta-based company has applied for a 10-year tax abatement on the equipment.
Magnet wire is used in motors, generators, transformers – anything that uses electricity.
The plant at 800 W. Mitchell St., Kendallville, now employs 61.
For more on this story, see Saturday morning’s print edition of The Journal Gazette or go to www.journalgazette.net after 3 a.m. Saturday.
