Henderson coin minting operation expected to hire 170 new people — VIDEO
More money — albeit in small denominations — is slated to be produced in Southern Nevada.
“Any coins, medallions that are made from precious metals, is what we get involved with,” said Tom Power, CEO of Sunshine Minting Inc. “Of the 37 million ($1) Silver Eagles that the U.S. government made and sold last year, we supplied over 32 million of those to the U.S. Mint.”
Sunshine Minting supplies blanks to more than 12 sovereign governments, which they mint into their own silver bullion, or coins, among other clients.
The company is slated to expand its existing Henderson operations, hiring 170 new people at an average wage of $19.36 and moving all of its assets to Nevada, making it a Nevada corporation.
PRECIOUS METALS STRONG
“As one of our key target industries, we are excited to see this continued growth in manufacturing,” said Jared Smith, chief operating officer of the Las Vegas Global Economic Alliance, which helped Sunshine Minting prepare its application for Nevada’s tax abatements.
Power said the precious metals industry is going strong, largely because of a boost from the recession.
“It’s a hard asset for an investment as opposed to a paper stock,” Power said. “We’ve seen a huge popularity of this again over the last ten years: People are now understanding they should have a diverse portfolio of investments, including hard assets, in case there is another financial crisis.”
The Governor’s Office of Economic Development approved about $711,027 in tax abatements to Sunshine Minting on Thursday. The company is estimated to generate more than $11.3 million in new tax revenue over 10 years.
“We want to bring silver back to the Silver State,” Power said.
$382 MILLION IN NEW TAX REVENUE
In other action, the board approved spending more than $25 million in tax abatements in return for more than $382 million in new tax revenue, including:
■ Daehan Solution Nevada, LLC. will receive about $2.5 million in tax abatements and is estimated to generate about $9.3 million in new tax revenue over 10 years. A subsidiary of Daehan Solution, which is headquartered in Incheon, Korea, the company specializes in designing, engineering and manufacturing parts to reduce automotive noise and vibration. Daehan Solution Nevada is slated to lease a 323,520 square foot facility in Fernley in Lyon County and plans to hire and train 231 employees from Reno within the first two years of operations at an average hourly wage of $15.18.
■ Elemental LED Inc. will receive about $343,013 in tax abatements and is estimated to generate about $8.6 million in new tax revenue over 10 years. Elemental LED creates, develops, manufactures, markets and sells LED lighting solutions. The company plans to relocate their corporate headquarters from Emeryville, California, to Reno starting June 1 and is slated to hire 80 employees by the end of 2019 at an average hourly wage of $42.84.
■ Moen Inc. will receive about $622,427 in tax abatements and is estimated to generate about $2 million in new tax revenue over 10 years. Operating as a subsidiary of Fortune Brands Home & Security Inc., the company designs and manufactures kitchen and bath faucets, shower heads, accessories, bath safety products, and kitchen sinks for residential and commercial applications. Moen also provides commercial products for schools, offices, and health care facilities. Moen already has a facility in North Las Vegas and plans to expand its operations with new equipment and the hiring of 10 new employees at an average hourly wage of $22.15.
■ Astound Group will receive about $200,082 in tax abatements and is estimated to generate about $3.5 million in new tax revenue over 10 years. The company’s primary business is manufacturing and installing permanent and temporary structures. Astound Group already operates in a 140,000 square-foot facility at the Las Vegas Motor Speedway complex and plans to expand. The company is slated to hire 50 full-time employees at an average hourly wage of $25.14 over the next two years.
■ Franklin Armory will receive about $81,548 in tax abatements and is estimated to generate about $1.6 million in new tax revenue over ten years. Franklin Armory manufactures firearms for sporting, defensive and tactical applications and also supplies firearms to the military and law enforcement. The company already operates a facility in Minden, Nevada, and plans to expand, hiring 15 new employees at an average hourly wage of $19.80.
■ HORIBA Instruments Inc. will receive about $201,657 in tax abatements and is estimated to generate about $1.9 million in new tax revenue over 10 years. HORIBA Instruments Inc. is a gas and chemical analysis and process control company. The company plans to build a research center in Northern Nevada to support their clients in Silicon Valley, which entails a $2.5 million capital investment and hiring at least 10 new employees at an average hourly wage of $34.38.
Contact Nicole Raz at nraz@reviewjournal.com or 702-380-4512. Follow @JournalistNikki on Twitter.
