IN: Stratosphere Quality Unveils HQ Expansion, Creation of 250 Jobs
7 Apr, 2017
Stratosphere Quality, a global provider of quality assurance and outsourcing solutions to manufacturers, announced plans to expand its headquarters in Hamilton County, creating up to 250 new jobs by 2020.
“Across the state, companies like Stratosphere are making Indiana a great place to work and live,” Governor Eric J. Holcomb said. “It’s exciting to see companies benefit from our low-tax climate and skilled workforce. We will take Indiana to the next level by continuing to develop a diverse economy that meets the demands of the 21st century.”
The company will invest $3.7 million to update its 46,000-square-foot headquarters at 12024 Exit Five Parkway in Fishers. As part of its update, Stratosphere Quality will add additional break rooms, enhance office space and increase employee training opportunities to accommodate its growing team. Stratosphere Quality anticipates continued growth rates of more than 10 percent per year, and must expand its operations to meet the increased demand. Between 2012 and 2015, the company grew its revenue by 40 percent, generating annual revenues exceeding $100 million.
This is Stratosphere Quality’s second major expansion announcement in recent years. In 2012, the company announced plans to invest $2.6 million into its Fishers headquarters and grow its headcount. The company exceeded its hiring goal and currently employs nearly 600 Hoosiers as part of its team of over 2,200 associates across North America. With plans to add 250 new Hoosier jobs, Stratosphere Quality will continue hiring for quality inspectors, team leaders and supervisors throughout the year. Interested applicants may apply online.
“Indiana is a great place for a growing company, and is home to a friendly business environment with a good pool of talented workers,” said Tom Gray, chief executive officer of Stratosphere Quality. “Our employees have played a large role in our success and growth as a company. Our hiring and training practices are the fundamentals of excellent service delivery to our customers and we have sincerely appreciated the state’s assistance with our efforts.”
Founded in 2009, Stratosphere Quality is the largest global provider of quality assurance and outsourcing solutions to manufacturers of parts and components in the automotive, medical device and large equipment industries. The company, which has been on the Inc. 5000 List of America's Fastest-Growing Companies for the past four years, helps suppliers and original equipment manufacturers (OEMs) identify the root cause of quality problems, minimize defects, improve quality, increase efficiency and reduce costs associated with quality issues. Stratosphere Quality serves manufacturers in the U.S., Mexico, Canada and China.
The Indiana Economic Development Corporation (IEDC) offered Stratosphere Quality LLC up to $800,000 in conditional tax credits and up to $200,000 in training grants based on the company’s job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The City of Fishers supports the project.
“Stratosphere’s growth demonstrates the positive impact their service has on companies around the globe, but it’s their impact on Fishers that makes them a great asset, both as a business and as community partners,” said Fishers Mayor Scott Fadness. “The commitment to community keeps Fishers vibrant and growing, and I’m happy to see Stratosphere continue their growth trajectory in our city.”
Stratosphere Quality’s growth plans continue a trend of companies choosing to expand and add new jobs across the state. Indiana’s unemployment rate is at 4.1 percent, which is below the national average and below all of Indiana’s neighboring states. As a service provider to manufacturers across the state, Stratosphere Quality supports Indiana’s leading manufacturing industry, which is home to the highest concentration of manufacturing employment in the nation.
About Stratosphere Quality
Stratosphere Quality, founded in 2009, is the largest global provider of quality assurance and outsourcing solutions, including sorting and inspection services, to manufacturers of parts and components in the automotive, medical device, electronics, home appliance and recreational vehicle industries. Stratosphere Quality helps suppliers and OEMs identify the root cause of quality problems, minimize defects, improve quality, increase efficiency and reduce costs associated with quality issues. Headquartered just northeast of Indianapolis, Indiana, Stratosphere Quality has a geographic reach of 22 U.S. states, Canada, Mexico and China.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 12-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC,visit www.iedc.in.gov.