IN: Two Companies to Invest $1.2M to Expand in Monroe County, Create Jobs
29 Jan, 2014
AB BioTechnologies, Inc. and TASUS Corporation announced plans to expand their operations in Bloomington, Indiana, creating up to a combined 15 new jobs by 2016.
“In Indiana, our skilled workforce and infrastructure are growing, while our taxes and obtrusive red tape are shrinking,” said Eric Doden, president of the Indiana Economic Development Corporation. “Companies looking to gain a competitive edge find it in the Hoosier State. From life sciences to automotive manufacturing, Indiana is a state that works for business.”
AB BioTechnologies, a homegrown-Hoosier company that develops formulations and manufacturing processes for injectable drug products, will invest $1.2 million to renovate and equip its current 1,100 square-foot laboratory in Bloomington. The company, which offers contract services in pharmaceutical and diagnostic formulation, thermal characterization and process development, will create up to 10 new jobs by 2016. As part of its growth strategy, AB BioTechnologies plans to begin developing processes and injectable solutions for clinical trials.
“Since opening our first laboratory, our profits have tripled every year,” said J. Jeff Schwegman, Ph.D., chief executive officer of AB BioTechnologies. “Our foothold is growing in a niche market within the pharmaceutical and diagnostic industries, leading to this expansive growth. The wealth of qualified candidates coming out of both Indiana University and Ivy Tech, coupled with Indiana’s low cost of doing business and high quality of life, made Bloomington the perfect place for our expansion. Life science companies are dominating the landscape of Bloomington and we’re thrilled to be part of this movement.”
AB BioTechnologies plans to begin hiring scientists, project managers and accounting associates early this year. Interested candidates can learn more by visiting www.ab-biotech.com.
TASUS, a Japan-based manufacturer of plastic interior and exterior automotive parts, will invest $2.8 million to renovate its current 105,000 square-foot Bloomington production facility and expand its distributed products warehouse and North American headquarters operations. As part of the expansion, the company will lease and equip a 9,000 square-foot facility to house its administrative offices and create up to five new jobs by 2016.
“Looking forward, as a company we knew we had to expand,” said Melanie Hart, president of TASUS. “Our distributed products division was growing and we physically needed more space. I’m pleased that we were able to keep that growth here in Indiana; we are well placed geographically to reach our customers and continue growing with the help of our skilled workforce.”
TASUS, which currently employs more than 180 Hoosiers and nearly 600 associates across North America, began hiring sales and research and development associates in December.
"The importance of retaining the North American headquarters of TASUS Corporation in Bloomington and Monroe County cannot be overstated," said Bloomington Mayor Mark Kruzan. "We greatly appreciate the significant state of Indiana support for TASUS as well as the confidence TASUS has shown in our community as the location for the company's continued growth."
The Indiana Economic Development Corporation offered AB BioTechnologies, Inc. up to $350,000 in conditional tax credits and up to $20,000 in training grants based on the company’s job creation plans. TASUS Corporation was offered up to $120,000 in conditional tax credits and up to $380,000 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. Monroe County will consider tax abatement for AB BioTechnologies, which is supported by the Bloomington Economic Development Corporation. The city of Bloomington also supports TASUS’ project.
About AB BioTechnologies
AB BioTechnologies, Inc. was founded as a consulting and teaching firm in early 2008 by J. Jeff Schwegman, Ph.D. who has over 16 years of experience in pharmaceutical formulation and process development of injectable drug products. Dr. Schwegman has experience in developing formulations and manufacturing processes for injectable solutions, lyophilized solids, emulsions, and suspensions. Additionally, Dr. Schwegman has been providing training in product formulation and lyophilization within the pharmaceutical and diagnostic industries for over 7 years.
As of February 2011, Dr. Schwegman opened his first laboratory offering contract services in pharmaceutical and diagnostic formulation, thermal characterization, and process development. For more information about AB BioTechnologies, visit www.ab-biotech.com.
TASUS Corporation is a wholly-owned subsidiary of Japan-based Tsuchiya Company Limited. TASUS is headquartered in Bloomington, Indiana and has additional manufacturing facilities in Texas, Alabama and Canada. Primary capabilities include injection molding, blow molding, forming and extrusion. TASUS (pronounced TAH-sis) is among 24 global companies in 32 locations owned by the Tsuchiya Co., Ltd. TASUS has been in business for over 25 years and is TS16949 and ISO14001 certified. TASUS’ 560 employees currently produce 52 million plastic automotive components annually. TASUS Corporation, is a Tier One supplier to Toyota Motor Manufacturing North America and a Tier Two supplier to OEM automotive and transportation markets. For more information about Tasus, visit www.tasus.com.
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.