Haynes International, Inc., a developer, manufacturer and marketer of alloy products, announced plans to expand its operations in Kokomo, Indiana, creating up to 40 high-wage jobs by 2015.
The Kokomo-based company, a producer of high-performance nickel- and cobalt-based alloys, will invest $23.5 million to expand its flat product capacity at its Kokomo manufacturing facility. Haynes, which currently has 780 full-time employees in Indiana, plans to begin purchasing new machinery and equipment this August.
"The growth of Haynes reaffirms the healthy stability of the Hoosier State's manufacturing industry," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Our manufacturing prowess combined with our skilled workforce makes Indiana standout as a leader in production innovation."
During World War II, Haynes supplied 70 percent of all turbine blades used in fighter and bomber aircraft engine superchargers. The century-old company, which also produced parts for the Mercury Space Capsule in the 1960s, operates seven facilities in North America including eight facilities throughout Europe and Asia.
"This year marks our 100th anniversary in Kokomo and Indiana. It is a milestone that few companies reach," said Mark Comerford, president and chief executive officer of Haynes. "With this investment, we will strengthen our footprint in Indiana and improve our ability to service our customers around the world. That's good news for our employees and our customers."
The Indiana Economic Development Corporation offered Haynes International, Inc. up to $550,000 in conditional tax credits and up to $100,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Kokomo will consider additional property tax abatement.
"Haynes has been a leader in their industry for 100 years in Kokomo," said Jeb Conrad, president and chief executive officer of the Greater Kokomo Economic Development Alliance. "We are excited about their continued commitment to grow and invest in our community."
Indiana's manufacturing industry was rated first in the nation in per capita manufacturing employment and given an overall 'A' grade, according to the 2012 National Manufacturing and Logistics Report Card published by Conexus Indiana. The Hoosier State also earned an 'A' for competitiveness in the global economy, ranking among the leaders in manufacturing exports.
About Haynes
Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel- and cobalt-based high-performance alloys, primarily for use in the aerospace, chemical processing and land-based gas turbine industries. For more information about Haynes International, visit www.haynesintl.com.
About IEDC
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
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