IN: Magna Powertrain Expands, Hiring Again, Total Investment Reaches $100M
27 Jul, 2012
Magna Powertrain of Muncie has announced plans for a 50,000 square foot expansion at their Cowan Road facility, investing $8.9 million in equipment and $2.9 million in real estate. The expansion, which includes 21 new jobs and $655,000 in new annual payroll, will allow Magna to expand their manufacturing capacity to fulfill their customers’ increased production requirements and will better equip them to handle additional future growth.
“With the continued investment of Magna Powertrain, combined with the support from our business and municipal partners, we will continue to increase our competitive advantage and execute our plan for sustained growth,” said Stephen Brand, General Manager.
Groundbreaking is anticipated in the coming months. Once construction is complete, the company will hold an opening event to recognize the partners who have assisted with Magna’s growth in Muncie.
Magna Powertrain opened the Muncie plant in 2005 and has invested nearly $100 million and created more than 300 jobs. The company also expanded in 2011, occupying the former Delaware County speculative building on Fuson Road. The planned expansion will bring Magna’s Muncie footprint to 431,500 square feet.
The company received assistance from the Muncie-Delaware County Economic Development Alliance in the procurement of local and state incentives.
“Magna, a top employer, has made a momentous investment in the community, and we are pleased to assist them with our available resources. Growth of existing business is the keystone of a successful economic development strategy,” said Jay Julian, President & Chief Economic Development Officer, Muncie-Delaware County Economic Development Alliance and Chamber of Commerce.
Todd Donati, President of the County Commissioners added, "Magna is creating jobs and increasing our tax base, which is extremely valuable to our communities success. Magna has far exceeded its expectations when they first moved to our community and the commissioners and council continue to support them in every way possible. We are very grateful to have this valuable asset, not only with their growth but with their community involvement."
About the Muncie-Delaware County Economic Development Alliance
The Muncie-Delaware County Economic Development Alliance (EDA) is a private economic development organization dedicated to the growth and prosperity of Muncie-Delaware County, Indiana. The Alliance’s purpose is to allocate and leverage economic development resources to sustain and enhance the economic growth, vitality and global competitiveness of Muncie-Delaware County as a superior business location. The EDA’s administrative entities are Delaware Advancement Corporation and the Muncie-Delaware County Chamber of Commerce.
Magna is the most diversified automotive supplier in the world. The company designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers (OEMs) of cars and light trucks in our three geographic segments - North America, Europe, and Rest of World (primarily Asia, South America and Africa).
Magna’s capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body & chassis systems; mirror systems; exterior systems; roof systems; electronic systems; powertrain systems as well as complete vehicle engineering and assembly.
The company has 294 manufacturing operations and 87 product development, engineering and sales centres in 26 countries on five continents as of Q1 2012.