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Shiloh Die Cast Midwest plans to invest nearly $8 million to renovate and expand operations in Auburn and Pierceton. The company says the initiative should lead to the creation of 145 jobs by 2018. The subsidiary of Ohio-based Shiloh Industries Inc. (Nasdaq: SHLO) says hiring will begin this year. February 11, 2014
PIERCETON, Ind. (Feb. 10, 2014) – Shiloh Die Cast Midwest, a supplier of lightweighting, noise and vibration solutions, announced plans today to expand two of its Indiana locations, creating approximately 145 new jobs by 2018.
“Indiana is perfectly positioned to help companies like Shiloh reach their full growth potential,” said Governor Mike Pence. “As a state that works, our Hoosier workforce excels at manufacturing and engineering. Hoosiers act as a catalyst for Indiana’s fastest growing companies, helping them achieve their goals and expand our growing economy.”
A subsidiary of Valley City, Ohio-based Shiloh Industries, Inc. (NASDAQ: SHLO), Shiloh will invest $7.8 million to renovate and equip two separate manufacturing sites in Indiana: a 120,000 square-foot facility in Auburn and a 106,000 square-foot facility in Pierceton. The renovations and increased capacity will be fully implemented by 2016.
Shiloh Industries currently employs more than 2,000 associates across North America, with 86 associates in Auburn and 107 in Pierceton. The company plans to begin hiring for both facilities this year.
“Indiana is well-situated for us to serve our customers in the northern U.S. market, and Shiloh is committed to grow in Auburn and Pierceton,” said Ramzi Y. Hermiz, chief executive officer of Shiloh Industries. “We are reinvesting and upgrading in the latest lightweighting technologies such as our ThinTech™ and squeeze casting. We hope through commitment to Indiana and to technology that Shiloh will remain an employer for choice in the region.”
Founded in 1950, Shiloh designs, engineers and manufactures lightweighting solutions for the automotive, commercial vehicle and other industrial markets. In January 2014, the company's common stock was upgraded to the NASDAQ Global Select Market, the highest of the three market tiers at NASDAQ.
The Indiana Economic Development Corporation offered Shiloh Die Cast Midwest, LLC up to $1,000,000 in conditional tax credits and up to $100,000 in training grants 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 city of Auburn will consider additional incentives at the request of the DeKalb County Economic Development Partnership. The town of Pierceton approved additional tax abatement at the request of the Kosciusko Economic Development Corporation.
“We congratulate Shiloh and we are very pleased they selected the city of Auburn to expand their industry,” said Auburn Mayor Norman Yoder.
“The town of Pierceton is pleased that Shiloh has chosen operations in Pierceton to expand production,” said Armando Espinoza, president of the Pierceton Town Board. “We are appreciative that this operation is committed to increasing employment and in making capital improvements to the facility. This operation is an important employer for the town of Pierceton and Kosciusko County.”
About Shiloh Industries
Headquartered in Valley City, Ohio, Shiloh Industries is a leading supplier, providing light weighting and noise, vibration and harshness (NVH) solutions to automotive, commercial vehicle and other industrial markets. Shiloh delivers these solutions through design, engineering and manufacturing of first operation blanks, engineered welded blanks, complex stampings, modular assemblies and highly engineered aluminum die casting and machined components serving the body-in-white, emission, powertrain, structural and seating needs of OEM and Tier 1 customers. The company has multiple locations across North America, including Georgia, Indiana, Kentucky, Michigan, Ohio, Tennessee, Wisconsin and Mexico, and has approximately 2,000 employees.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president 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