According to a report, Phillips Tube Group, a welded-steel tube manufacturer, will invest $8.2 million to expand its manufacturing plant and relocate into the former Matthews International building in Richmond, Ind. The company expects to hire 30 associates by 2024. The Indiana Economic Development Corporation (EDC) offered up to $325,000 in conditional tax credits as an incentive based on the company's hiring. According to the EDC, the investment represents the most technologically advanced machinery and processing equipment in the industry.