updated: 7/26/2006 11:09:11 AM
Executives from Madison Precision Products today announced an expansion of their Jefferson County facility.
Officials say a $16 million expansion will create 66 new jobs. The governor met with Madison Precision Products' Japanese parent company during his trade mission to the Asian nation last month. The expansion is planned because the company recently won a bid for a new Honda contract.
Source: Inside INdiana Business
MADISON, Ind. (July 26, 2006)—Governor Mitch Daniels today joined executives from Madison Precision Products, a Japanese-owned automotive parts manufacturer located in Madison, Ind., to announce a $16 million expansion and the creation of 66 new jobs at the Jefferson County facility. Governor Daniels and state economic development officials met with executives from Metts Corp., Madison Precision Products’ parent company, during a trade mission to Japan last month.
"We have yet another jobs announcement in Madison. Southern Indiana continues to lead Indiana's recent hot streak," said Daniels. "I was hopeful of this decision when I met with Metts officials during my trip to Japan. We've shown again that Hoosiers can compete with anyone for jobs the world needs.”
Madison Precision Products is a leader in aluminum die casting and manufactures a variety of machined automotive components for Honda of America, the company’s primary customer. The expansion is a result of the company winning a bid for a new Honda contract and will add manufacturing space and new equipment to the 188,170 sq. ft. facility.
"I am pleased to announce the expansion of our Madison facility. I appreciate the help of the community of Madison and Jefferson County as well as the state of Indiana. We look forward to great success in Madison and the state of Indiana," said Madison Precision Products President Katsunobu Nakamura.
The Indiana Economic Development Corporation and Jefferson County provided incentives to assist with the expansion project. The IEDC offered incentives including up to $58,500 in training grants and approximately $850,000 in tax credits based on job creation and capital investment. Jefferson County will provide the company with a ten-year tax abatement on both real and personal property.
“This expansion is a great growth opportunity for southern Indiana and an indication of the quality workforce in Madison and Jefferson County,” said Madison Mayor Al Huntington. “Madison Precision Products is a great corporate citizen and an important asset to our community.”
Since January, the IEDC has landed more than 110 competitive deals and has secured commitments for more than 14,300 new jobs and $3.7 billion in private capital investments. Deals recently finalized by the IEDC include the following: a new Nestle combined production distribution facility in Anderson (300 new jobs, $359 million capital investment); Honda selected Indiana for its newest North American automotive assembly plant (2,000 new jobs, $550 million capital investment); Rolls-Royce in Indianapolis chose Indiana for their newest major expansion (600 new jobs, $145 million capital investment); American Commercial Lines will expand its corporate headquarters and Jeffboat division in Jeffersonville (1,100 new jobs, $17.5 million capital investment); Pfizer chose its Terre Haute facility to produce their newly-patented form of inhaled insulin (450 new jobs, $170 million capital investment); Sysco in Hamlet (550 new jobs, $80 million capital investment); and Shoe Carnival in Evansville (280 new jobs, $40 million capital investment).
As a result of legislation passed by the Indiana General Assembly in 2005, the Indiana Economic Development Corporation has replaced the Department of Commerce as the premier entity charged with state economic development. The IEDC has a 12-member board chaired by Governor Mitch Daniels. Indiana Secretary of Commerce Michael S. Maurer is also president of the IEDC. For more information about IEDC, visit www.iedc.IN.gov.
Source: Indiana Economic Development Corporation