updated: 9/19/2008 1:32:46 PM
Frankfort-based NTK Precision Axle Corp. plans to expand its operations and add 50 jobs. The auto parts maker says it will invest $15 million to upgrade equipment and increase manufacturing capacity at its 270,000 square-foot facility. NTK currently employs more than 190 associates in Frankfort and will begin hiring additional machine operators.
Source: Inside INdiana Business
FRANKFORT, Ind. (Sept. 19, 2008) - Auto parts maker NTK Precision Axle Corporation announced today that it will expand its operations here, creating up to 50 new jobs and expanding training opportunities for existing workers.
The maker of axles for constant velocity joints and wheel hub bearings for front-wheel and four-wheel-drive vehicles will invest $15 million to upgrade the equipment and increase the manufacturing capacity at its 270,000 square-foot manufacturing facility.
"Creating an environment that attracts investment from global companies such as NTK is essential to Indiana's economic success," said Nathan Feltman, secretary of commerce and chief executive officer of the Indiana Economic Development Corporation.
NTK, which currently employs more than 190 associates in Frankfort, will begin hiring additional machine operators in the second quarter of 2009 to accommodate the capacity increase. Workers will undergo training in CNC machining, forklift operation and machine maintenance among other industry and company-specific training programs.
"The funds provided from the Indiana Economic Development Corporation are an integral part of being able to effectively train our employees," said Dennis Brown, controller at NTK. "As NTK plans for continued growth, these funds will be vital in helping defray some of the costs for employee training.
A subsidiary of Osaka, Japan-based NTN Corporation, NTK began operation in Frankfort in 2004 and has annual revenues of nearly $60 million. NTN, which employs more than 12,000 associates worldwide, operates additional U.S. facilities in Columbus, Ind., Richmond, Ky., Lititz, Pa., Macomb, Ill., and Schiller Park, Ill.
"Being a life-long citizen of Frankfort and now as mayor, I appreciate NTK's continued commitment to our city," said Mayor Chris Pippenger.
Indiana's manufacturing industry was rated sixth in the nation and given an overall "A" grade, the highest ranking in the Midwest, according to a 2008 National Manufacturing and Logistics Report Card published by Conexus Indiana. The report concluded Indiana's manufacturing and logistics industries are "healthy vibrant and growing."
About NTN Corp
NTN is one of the world's largest bearing producers. With manufacturing plants throughout the world, NTN is a leading bearing supplier to both the industrial and automotive markets. In addition to bearings of all sizes and types, NTN is also one of the largest producers of constant velocity joints, a key component for automotive drive trains. NTN is also a leader in the development of precision equipment in cutting-edge fields. For more information visit www.ntnamerica.com
Established under 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 the creation of the IEDC, the state has posted three consecutive years of record-breaking commitments for new jobs. For more information about IEDC, visit www.iedc.in.gov.
Source: Indiana Economic Development Corporation