IN: Novae Corp. To Expand Operations; Create 85 New Jobs; Invest $3.4M
14 Apr, 2010
Governor Mitch Daniels joined executives of Novae Corporation to announce the company's plans to expand its trailer manufacturing operations here, creating up to 85 new jobs by 2013.
Novae Corp., which manufactures both open and enclosed utility trailers, commercial lawn equipment and agricultural and industrial material handling systems, will invest more than $3.4 million to purchase, renovate and equip an 88,000 square-foot facility to grow its Sure-Trac Enclosed trailer division.
"In an industry that has been especially hard-hit by national and global economic conditions, Novae has found a way to grow and continue to create new opportunities for Hoosiers," said Daniels. "This is further proof that Northeast Indiana is the best place around for small businesses to prosper."
For the past three consecutive years, Novae Corp. has been recognized by Inc. magazine as one of the nation's fastest growing privately-held companies. The firm employs more than 150 people at facilities in Markle and Columbia City. Production at the North Manchester plant will focus on enclosed trailers, while Novae's Columbia City plant will continue to grow the Cardinal Grain agricultural business.
"With the worst recession in 60 years the competition has been intense. We were very pleased that we were able to execute our plan this year to achieve a modest growth of 15 percent while retaining record profits for Novae Corp. Having our business in Indiana has been instrumental to our success," said Mike Bermes, president and chief business development officer of Novae Corp. "Indiana is centrally located with excellent infrastructure to support our interstate and international commerce. Indiana also provides an exceptional workforce with an incredible and robust work ethic. Mitch Daniels believes in and has created a positive business environment for small businesses like ours."
Novae Corp., which markets its products throughout the northern United States and Canada, will occupy the North Manchester facility formerly owned by Dexter Axle. The company chose North Manchester over potential sites in Pennsylvania and North Carolina.
The Indiana Economic Development Corporation offered Novae Corporation up to $570,000 in performance-based tax credits based on the company's job creation plans.
Novae will receive local assistance from Wabash County, the town of North Manchester and the city of Wabash."The cooperation among economic development and elected officials from North Manchester, Wabash County and the city of Wabash was a significant factor in Novae Corp.'s decision to expand in Northeast Indiana," said Bill Konyha, president and chief executive officer of the Economic Development Group of Wabash County, Inc.
In March, Novae Corp. received recognition at the National Association of Trailer Manufacturers annual convention for growing their market share by a larger percentage than any of their competitors according to Statistical Surveys, Inc.