New Joint Venture Will Bring Jobs to Columbus

Press Release

COLUMBUS, Ind. (May 21, 2008) - Lt. Governor Becky Skillman joined executives from Indiana-based LHP Technologies and Chinese-owned manufacturer Techtop today to announce the companies joint venture that will bring a new manufacturing and distribution center here, creating more than 60 new jobs.

Operating as Techtop LHP, Inc., the joint-venture company will invest more than $7 million to build and equip a 60,000 square-foot manufacturing and distribution center for its global line of electric motors, pumps and generators.

"We pride ourselves on aggressively seeking new job-creating investment from around the world and here at home. Today, we see a product of that effort as one of our fast-growing tech firms partners with a Chinese manufacturer to bring new jobs and opportunities to the Hoosier state," said Skillman.

The company's new Columbus facility will initially serve as a warehouse and distribution center for Techtop's North American business that includes a line of products ranging from brake motors for automobiles to submersible pumps for residential and commercial applications. Techtop LHP plans to add assembly and manufacturing operations at the Columbus center as demand for Techtop's products grows.

The company plans to begin construction of the central Indiana facility in the next 30 days and begin hiring managers, information technology specialists and logistics technicians in 2009 ahead of the facility's completion.

"We feel very fortunate to be able to join forces with a top quality manufacturer like Shanghai Top Motor and to assist them in their entry into the North American market," said Ryan Hou co-founder and chief executive of Columbus-headquartered LHP, Inc. "Indiana is strategically located and Columbus is a very welcoming community that is very supportive of international companies seeking a presence in the United States,"

Headquartered in Atlanta, Techtop is the U.S. subsidiary of Shanghai, China-based Shanghai Top Motor. The company, which sells its line of pumps and motors in more than 40 countries, sold more than 1000,000 products in 2005, all of which were manufactured in Shanghai Top Motor's four plants in the People's Republic of China.

"We currently export our products to the Middle East, Africa and Europe as well as sell domestically in the Chinese market. In order to become recognized as a truly global company, we must have a significant presence in the U.S. marketplace, and Columbus meets all our location objectives for establishing our presence in the United States," said Lin Yin, chairman of Shanghai Top Motor Company and Techtop LHP.

The Indiana Economic Development Corporation offered Techtop LHP up to $452,000 in performance-based tax credits and up to $17,500 in training grants based on the company's job creation plans. The state will also provide the city of Columbus with a grant of up to $55,000 to assist in road improvements required for the new facility. Columbus officials will provide the company with property tax abatement and will make improvements to the road serving the new facility.

"Columbus and the economic development board are very proud to support this new joint venture. We congratulate Techtop LHP on their efforts to help grow Columbus and look for all opportunities to put Hoosiers to work," said Mayor Fred Armstrong.

TechTop LHP joins the ranks of Indiana's growing community of companies that are investing billions of dollars in their Indiana operations. Since 2005, foreign direct investment in Indiana has resulted in companies committing to create more than 13,800 new jobs and invest more than $6.4 billion in Indiana.

IBM Global Business Services released a study in 2007 that ranked Indiana number one in North America in the creation of production jobs through foreign investment in 2006. The study, which registered 10,500 foreign investment project announcements across the country, also listed Indiana as number 2 in North America in the creation of research and development jobs associated with international investment.

About TechTop LHP
Created in May 2008 as a joint venture between Columbus-based LHP Technologies and Techtop Industries, Inc., located in Atlanta, GA, to market, warehouse, distribute, assemble and manufacture electric motors, pumps and generators for the U.S. markets.

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. Indiana Secretary of Commerce Nathan Feltman serves as the chief executive officer of the IEDC. Since Daniels created the IEDC, the state has posted three consecutive years of record-breaking job creation. For more information about IEDC, visit www.iedc.in.gov.

Source: Indiana Economic Development Corp.