The Columbus City Council approved a tax abatement for Rightway Fasteners, Inc. on the purchase and installation of $13 million in new equipment at its facility on 7945 S. International Drive. City documents show that the company’s estimated savings from this abatement are close to $450,000.
Rightway plans to add four cold forging machines, two thread rolling machines, one heat treatment furnace and one coating machine, according to its application. The company manufactures specialty fasteners, primarily for the automotive industry, said General Manager Danny DeShong in a letter to city officials.
DeShong told city council that seven of the items are for meeting additional production volume, and one is needed to replace an outdated piece of equipment.
“We do expect our volume to go up 20% to 30% throughout 2022 and to continue to be strong well into 2023,” he said.
The company’s incentive application states that it currently has a headcount of 438. They expect this investment to result in the addition of nine new positions.