HAMILTON — The Hamilton Town Council has granted a property-tax incentive to Triton Metal Products for its expansion project.
The company has been granted a five-year tax abatement on its investment of $1.5 million in real estate and $1.9 million on personal property in the form of new equipment.
The company will save an estimated $178,651 in taxes, said Hester Stouder, Hamilton clerk-treasurer.
Triton will expand its existing building in Hamilton’s industrial park, creating a minimum of five new jobs this year with an average pay of $15 per hour, Stouder said.
In an October interview, a Triton executive said the company had 110 employees and was growing at a rate of 20 percent per year.
The Hamilton plant processes 200 tons of steel each month, making precision parts for a wide variety of applications, the company official said. It serves industries including automotive, heavy truck, agriculture, construction, medical and aerospace.