updated: 8/23/2012 1:32:40 PM
An Indiana recreational vehicle and manufactured housing supplier is expanding in Kosciusko County. Patrick Industries (Nasdaq: PATK) plans to add up to 65 jobs at its AIA Countertops division in Syracuse. The Elkhart-based company is planning to invest up to $3 million in the project.
August 23, 2012
News Release< /b>
SYRACUSE, Ind. (Aug. 23, 2012) - Patrick Industries, Inc. (NASDAQ: PATK), a manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, announced plans today to expand operations at its AIA Countertops division here, creating up to 65 new jobs by 2014.
The company plans to invest up to $3 million to purchase, renovate and equip a 142,000 square foot facility located at 203 S. Huntington Ave. in Syracuse. As part of the project, new manufacturing equipment will be installed to support additional product lines, including new granite and quartz countertop fabricating lines.
"Patrick Industries' growth in Indiana bolsters our state's already well-established manufacturing industry and provides new opportunities for Hoosier job-seekers," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
The AIA Countertops division, which currently has approximately 175 full-time employees in Syracuse, has been and expects to continue hiring additional manufacturing and production associates in conjunction with its growth needs.
"The capital investment we plan to make to expand our operations through the purchase and renovation of an existing facility in Syracuse that is in close proximity to our current location will afford us the opportunity to accommodate the significant growth we have recently experienced and more importantly, create new full-time positions for Indiana residents," said Julie Ann Kotowski, director of investor relations at Patrick Industries. "We eagerly look forward to partnering with the state of Indiana, Kosciusko County and the city of Syracuse to promote job growth as we move forward with our expansion project that will increase our capacity and product offerings to the industries we serve."
Founded in 1959, the Elkhart-based company now operates 27 production and distribution facilities in 12 states across the country. Ten of these facilities are located in the Hoosier State. Outside of the recreational vehicle and manufactured housing industries, the company serves customers in the kitchen cabinet, marine, home furniture and commercial furnishings and fixtures markets.
The Indiana Economic Development Corporation offered Patrick Industries, Inc. up to $325,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The town of Syracuse approved additional property tax abatement at the request of the Kosciusko Economic Development Corporation.
"One of the key goals of the town's economic development efforts is to keep our existing companies competitive, and we're thrilled to partner with Patrick Industries and AIA Countertops to ensure its lasting success in Syracuse," said Larry Siegel, Syracuse town council president. "We're excited to see this expansion in a company that plays an important role in one of our key industries. Manufacturing in Syracuse continues to show strong signs of growth and is another example of our economy's continued post-recession improvement."
Patrick Industries' announcement comes the same day that the Hoosier State scored national acclaim ranking as the best place to do business in the Midwest and the fifth best nationwide in the Pollina Corporate Top 10 Pro-Business States for 2012 study. This is the fourth ranking in less than a year in which the Hoosier State's business climate has scored a top ten finish nationally.
About Patrick Industries
Patrick Industries, Inc. (www.patrickind.com) is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 12 states. Patrick's major manufactured products include decorative vinyl and paper panels, countertops, wrapped profile mouldings, cabinet doors and components, interior passage doors, exterior graphics, and slotwall and slotwall components. The Company also distributes drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, cement siding, interior passage doors, roofing products, laminate flooring, shower doors, furniture, fireplace and slide-out surrounds and fascia, interior and exterior lighting products, and other miscellaneous products.
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. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: Indiana Economic Development Corp.