IN: Compression Molding Manufacturer Invests $6.3M, Adds Jobs in Huntington
19 Nov, 2012
Continental Structural Plastics, Inc. (CSP), an exterior body panels and structural composites components supplier, announced plans today to expand its operations here, creating up to 50 new jobs by 2015.
The Michigan-based company will invest $6.3 million to renovate and equip its 203,000 square-foot Huntington facility to accommodate a new production line for the 2015 Corvette model body panels. Renovations on the facility, which currently manufactures products for other General Motors and Ford vehicles, is expected to be operational by spring 2013.
"CSP's growth reflects the proven strength of the Hoosier State's automotive industry, a sector hard hit by the sluggish national economy. However, the industry is on the rebound with Indiana leading the recovery thanks to our work in preserving a low-tax, pro-business environment," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
CSP currently has 286 full-time employees in Huntington and has already begun hiring additional production, logistics, engineering and administrative associates.
"CSP is very proud of the accomplishments of our team in Huntington," said Frank Macher, chief executive officer of CSP. "Much has been achieved since our start-up three years ago. The partnership we have with the state of Indiana and city of Huntington has been remarkable. The business friendly policies and low-tax environment have made continued investment in our Huntington plant a very easy decision. We are pleased to manufacture products for the newest model of one of America's most iconic vehicles - the Corvette - at our Huntington facility."
Founded in 1969, today CSP employs more than 1,890 people at six production facilities across the Midwest. The tier 1 automotive supplier specializes in compression molding and provides products and services to automotive manufacturers including Chrysler, GM, Ford and Toyota, in addition to supplying non-automotive markets.
The Indiana Economic Development Corporation offered Continental Structural Plastics, Inc. up to $300,000 in conditional tax credits and up to $50,000 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 Huntington will consider additional property tax abatement at the request of Huntington County Economic Development.
"CSP has made a huge impact in our city in a very short period of time as one of our newest and largest employers," said Huntington Mayor Brooks Fetter. "It's an honor for me to serve as mayor of the city which produces the bodies for the Chevy Corvette and other well known cars like Lincoln MK S and parts for Chevy Volt. I am very proud of the team at CSP and really appreciate their commitment to Huntington."
CSP's announcement is the most recent in a series of automotive manufacturer expansions. Just this past month, auto parts suppliers TRIN, Hitachi Powdered Metals (USA), VOSS Automotive and Tsuda Industries announced expansion plans in the Hoosier State. The companies will cumulatively create more than 280 jobs and invest more than $1.24 million in their Indiana operations.
Based in Troy, Mich., Continental Structural Plastics is a recognized leader in composite products design and manufacturing; serving diversified end markets including automotive, battery electric vehicle, heavy truck, agriculture and building construction.
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.