BEDFORD—The Bedford City Council approved a tax abatement of $669,000 for WF Meyers’ personal property investment this month.
WF Meyers is a family-owned business with more than 100 years of specializing in diamond tooling and machinery for the stone industry. Located at 1008 13th Street, the company employs a team of craftsmen, engineers, designers, and production workers.
Tax abatement is a tool used by governments to reduce or eliminate property taxes to encourage investment and economic development.
The funds will replace equipment that is more than 25 years old, including a cold press, hot press, and chiller.
The cold press has a diamond arrayer and can align diamonds in a segment, extending the life of cutting tools. The new hot press, one of just 28 used worldwide, will use 70 percent less power than the traditional presses. The chiller will improve efficiency by recirculating water used to cool the machines.
