Governor Mike Pence joined executives from Vuteq USA, Inc., an interior parts supplier for Toyota Motor Manufacturing Indiana, to announce the company's plans to expand its operations here, creating up to 93 new jobs by the end of 2013.
The company plans to invest $4.3 million to equip its existing plant located at 819 E. 350 S. in Princeton. The facility, which is located approximately one mile from Toyota Motor Manufacturing Indiana, will have new equipment installed by the end of May and be operational by June.
"This investment could have gone to a number of facilities in neighboring states, but once again Indiana is coming out as the top choice due to our pro-growth environment and the unrivaled work ethic of Hoosiers," said Pence. "We're excited that Vuteq USA has chosen Indiana as a fixture in its long-term business plans and look forward to watching them continue to expand in the future."
Vuteq USA, which currently has 450 employees at its Indiana facility, has already begun the process of hiring new production and management associates.
"We have found southern Indiana to be a great place to continue growing. We have dedicated team members and are pleased to contribute to the surrounding community," said Mike Tracey, plant manager of Vuteq USA's Indiana plant. "We'd also like to thank Governor Pence, the state of Indiana and Gibson County officials for the opportunity to do so."
Vuteq USA, a division of Vuteq Corp., was established in Kentucky in 1985 and is currently comprised of three facilities in Kentucky, Illinois and Indiana. Beginning production in 2002, Vuteq USA's Indiana facility manufactures and assembles instrument panel subassemblies, overhead system subassemblies and glass window subassemblies used in auto manufacturing. Its customers include Toyota Motor Manufacturing Indiana, Johnson Controls and Asahi Glass Company.
The Indiana Economic Development Corporation offered Vuteq USA, Inc. up to $850,000 in conditional tax credits 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. Gibson County approved additional incentives at the request of the Gibson County Economic Development Corporation.
"Within one month, governmental officials in Gibson County have worked tirelessly on two industrial expansions which will increase the available employment opportunities at a time when our unemployment rate has ticked up a bit to 7.7 percent," said Gerald Bledsoe, president of the Gibson County Commission. "Through the efforts of our local group, the state of Indiana and local Vuteq officials, we are happy that Vuteq USA has accepted our incentive packages and decided to invest in Gibson County and add new team members to their labor force."
As the state with the second largest motor vehicle industry in the country, Indiana continues to be a place where automotive companies find the talent and resources they need for success. Earlier this month, Pence joined executives from Greenville Technology, Inc. to announce the completion of the company's new Madison County facility. The Honda supplier invested $21.37 million to construct and equip an injection molding and assembly facility in Anderson's Flagship Certified Technology Park, creating up to 325 new jobs by 2016.
About Vuteq Corp.
Vuteq Corp. was established to provide Toyota Motor Corporation with logistics service in addition to assembly of automotive window frames and glasses. Also, in response to the needs of our customers, we have established nineteen overseas bases of operations in America, Canada, Thailand, Indonesia, China, Mongolia and Argentina. Our overseas companies are largely involved in engineering operations, such as assembly process of automobile glasses as well as the production of plastic-mold inspection gauges and a range of interior and exterior automobile parts. With the recent growing focus on cost disparities between Japan and Asian nations, we have been able to achieve unbeatable low-cost performance by integrating production from the die design to the manufacturing of products.
About IEDC
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president 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.
There are no comments
Please login to post comments