IN: Universal Bearings to Invest $39.1M, Hire 78 in Marshall County
9 May, 2014
Universal Bearings, LLC, a manufacturer of loose needles and needle bearings, announced plans today to expand its operations here, creating up to 78 new jobs by 2017.
The company, a subsidiary of South Korea-based Hanwha Group, will invest $39.1 million to construct and equip a new 100,000 square-foot building on its 13-acre campus in Bremen. The facility, which will be operational next February, will house the company’s production of needle bearings and induction heat treated products.
“It takes skills to build the products that keep our world moving and international companies are increasingly concluding that Hoosiers have those skills,” said Governor Mike Pence. “Automotive suppliers like Universal Bearings thrive here because Indiana is a state that works for manufacturing. With our dedicated workforce and strong business climate, companies discover a competitive advantage here and dedicate their savings for future growth.”
Universal Bearings, which currently employs approximately 250 full-time Indiana associates, plans to begin hiring in October. Interested applicants may apply by completing an application at the company’s facility at 431 N. Birkey Dr. in Bremen.
“Being part of the Hanwha Group, a worldwide organization, opportunities for locating the expansion elsewhere were investigated,” said David C. Ketcham, vice president of finance and administration. “While some of our customers have pushed us to expand into other locations, we chose Bremen, Ind. because we’ve had a successful history here. The town council, Marshall County and Indiana were very supportive, the workforce is very strong and Bremen proved to be the best option when all components were considered.”
Founded in 1959, Universal Bearings is a high-volume manufacturer of loose needle rollers and needle bearings, sold primarily to the automotive industry in transmissions, engines, drivetrains and other automotive applications. Earning TS-16949 and ISO-14001 certifications, the company has been recognized with Q1 quality ratings from Ford and with the Supplier Quality Excellence Award from General Motors.
The Indiana Economic Development Corporation offered Universal Bearings, LLC up to $500,000 in conditional tax credits and up to $85,000 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 town of Bremen approved additional tax abatement at the request of the Marshall County Economic Development Corporation.
“This growth from Universal Bearings speaks to the environment created in Bremen,” said Heath Thorntown, Bremen Town Council member. “It’s a great place to invest and grow a business and also a great community for its employees to live and work.”
Indiana leads the nation in manufacturing jobs as a portion of the private sector. The state has added 74,900 manufacturing jobs since July 2009, the second most of any state during that time.
About Universal Bearings
Universal Bearings LLC aims to be the leader in quality, service, and delivery of loose needle rollers and precision bearing products and... when we aim, our commitment to precision zeroes in on the target.
We are one of the few high quality, high volume, independent loose needle roller manufacturers in the world. Universal Bearings is noted for consistent quality, quick response to customer needs, and willingness to fine-tune our processes to fit customer requirements. Our strength lies in our ability to mass produce consistent precision bearings at competitive prices within the tight manufacturing tolerances established by our customers. For more information about Universal Bearings, visit www.univbrg.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.