IN: Wire Manufacturer to Grow Elkhart Operations
15 Sep, 2011
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Lake Copper Conductors, LLC, a manufacturer of bare copper wire, recently announced that it will expand its operations here, creating up to 23 new jobs by 2014.
The company will invest $3.4 million to lease and equip a new 90,000 square-foot facility that will specialize in drawing thin copper wire.
"Creating an environment that encourages growth is essential to Indiana's economic success," said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Lake Copper Conductors' commitment to grow in Indiana is yet another indication that the Hoosier state offers a skilled workforce, unmatched infrastructure and a competitive business climate."
Lake Copper, which currently employs 28 associates in Indiana, plans to begin hiring additional machine operators later this year to coincide with this expansion.
"Lake Copper Conductors is excited to expand its operations in Elkhart, Ind.," said John Murakami, executive vice president of Lake Copper Conductors. "Over the past few years, our company has experienced strong growth in Elkhart, with its skilled labor pool and business friendly levels of government. Going forward, we expect continued growth from our expanding customer base and with our stakeholders in Elkhart and Indiana."
Lake Copper Conductors, formerly Lake Cable of Elkhart, LLC, was founded in 2009 by William Runzel IV to produce conductors in the transportation, energy and heavy machinery industries. The company is headquartered in Bensenville, Ill. and operates two Indiana facilities in Elkhart and Valparaiso.
The Indiana Economic Development Corporation offered Lake Copper Conductors, LLC up to $125,000 in performance-based tax credits based on the company's job creation plans. The city of Elkhart initially approved additional property tax abatements.
"We are excited to have Lake Copper Conductors expanding their operation in Elkhart. We are proud of the success they have experienced in our community," said Mayor Dick Moore. "This is another vote of confidence in our economic recovery. It is proof that Elkhart is a prime location for manufacturing and distribution."
Lake Copper's announcement comes just two weeks after Sullair Corporation, a manufacturer of stationary and portable air compressors, announced plans to invest $12.7 million in its global headquarters in nearby LaPorte County. As part of the project, the company projects to create up to 113 new jobs by 2015.
About Lake Copper
Lake Copper Conductors LLC, formerly known as Lake Cable of Elkhart, LLC, began operations in Elkhart, during March of 2009. Lake Copper produces conductors for its affiliates and outside customers in many industries such as transportation, energy and heavy machinery.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.