Indiana Stampings Expanding in Muncie
(August 18, 2011 - Muncie, IN) Indiana Stampings, LLC, a manufacturer of metal stampings for the automotive industry, announced plans today to expand its operations in Muncie, IN, creating up to 75 new jobs by 2013.
The company, which specializes in the noise, vibrations and harshness market for the automotive sector, will invest $7.28 million to lease and equip a 155,000 square-foot facility.
"Seeing a home-grown business like Indiana Stampings expand so soon after their formation is a testament to Indiana's pro-business climate," said Governor Mitch Daniels. "We're happy they've experienced quick success in Indiana and look forward to working with them as they continue to grow."
Indiana Stampings, which currently employs 51 associates, plans to begin hiring new tool makers, press operators, material handlers, robotic welding operators and administrative associates later this year.
"Indiana Stampings is a great fit to our manufacturing footprint in the core of the automotive market, with seasoned skilled associates in a target market for our company," said Michael Haughey, president of Indiana Stampings.
The North American Stamping Group (NASG), the parent company of Indiana Stampings, currently operates six facilities in North America including locations in Ohio, Tennessee, Canada and Mexico. Indiana Stampings, the newest addition to the NASG, was formed in October 2009 from the assets of Duffy Tool, LLC.
The Indiana Economic Development Corporation offered Indiana Stampings, LLC up to $625,000 in performance-based tax credits and up to $100,000 in training grants based on the company's job creation plans. The city of Muncie approved tax increment financing (TIF) bonds and property tax abatement at the request of the Muncie-Delaware County Economic Development Alliance.
"Indiana Stampings' commitment to the City of Muncie is positively impacting 126 families in our community," said Mayor Sharon McShurley. "In addition to retaining 51 former Duffy Tool employees, Indiana Stampings is creating 75 new high quality jobs. The efforts and determination of the City of Muncie, the Economic Development Alliance and Indiana Stampings has created the climate for investment that fosters sustainability and economic growth for our community."
Indiana Stampings’ purchase of the former Duffy Tool and Sovereign Tool companies has resulted in both buildings being filled. Earlier this year, ECRO purchased the Sovereign Tool building and plans to employ 50 people. “We believe Indiana Stampings has a great future in Muncie. The building in which they are located offers a lot of opportunity for growth and and we will continue to work with them to help maximize their potential. Congratulations and hats off to all the different people, units of government, agencies, and company officials that made this deal happen. We are excited for the company and the community with this announcement,” said Terry Murphy, Vice President Economic Development for the Muncie-Delaware Economic Development Alliance.
“Existing business growth and retention is key to a community’s success in job growth. This project is a perfect example,” said Jay Julian, President and CEO of the Muncie-Delaware County Chamber of Commerce.
About Indiana Stampings
Indiana Stampings, LLC is the newest member to the North American Stamping Group. NASG purchased and restarted the manufacturing operations in Oct. 1, 2009 from the assets of Duffy Tool, LLC. Specializing in the noise, vibrations and harshness market for the automotive sector, NASG Indiana has stamping presses up to 1000 tons along with welding and assembly capabilities. For more information about the North American Stamping Group and Indiana Stampings, visit www.northamericanstamping.com.
About Muncie-Delaware County Economic Development Alliance
The Muncie-Delaware County Economic Development Alliance (EDA) is a private economic development organization dedicated to the growth and prosperity of Muncie-Delaware County, Indiana. Our purpose is to allocate and leverage economic development resources to sustain and enhance the economic growth, vitality and global competitiveness of Muncie-Delaware County as a superior business location. For more information about the Alliance, visit www.muncie.com.
About IEDC
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.
Source: Muncie-Delaware County Economic Development Alliance and Indiana Economic Development Corporation