Steel Maker Boosting Allen County Operations

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An Italian company is planning to pump more than $30 million into an expansion in Fort Wayne. Valbruna Slater Stainless Inc. says additional space and an increase in production will create up to 45 jobs by 2017. November 21, 2014

News Release

FORT WAYNE, Ind. - Valbruna Slater Stainless, Inc., a stainless steel and nickel alloy manufacturer, announced plans today to expand its operations here, creating up to 45 new jobs by 2017.

The company, which is a subsidiary of Vicenza, Italy-based Acciaierie Valbruna, will invest $30.5 million to renovate and equip its Fort Wayne facilities, constructing a 166,000 square-foot addition. The expanded facility, which will be fully operational by late next year, will allow the company to increase its production capacity to meet growing demand in the U.S. for stainless steel and nickel alloy.

"Indiana’s ability to attract and bolster manufacturing investment reinforces the Hoosier State’s global reputation as a bedrock for business growth," said Victor Smith, Indiana Secretary of Commerce. "Valbruna Slater Stainless knows there is a world of options when it comes to where to expand, and it chose Indiana. With our strong workforce and low tax climate, the Hoosier State proves to be a state that works for manufacturing."

Valbruna Slater Stainless, which currently employs approximately 105 full-time Indiana associates, has already begun hiring for general production, industrial maintenance, machining, engineering, business administration, marketing and material science positions. Interested applicants may apply directly with the company or through Peoplelink Staffing and Express Employment Professionals.

"We chose to continue investing in Indiana because Fort Wayne is strategically positioned in the Midwest that represents about 35 percent of the U.S. market, and it is well-served with proper infrastructure,” said Massimo Amenduni, managing director at Acciaierie Valbruna. "Moreover, we have access to a vast pool of skilled labor, a factor that is paramount in today's competitive market. Last but not least, the business environment in Fort Wayne in particular, and in Indiana more in general, is conducive to growth as our recent history is clearly indicating.”

Founded in 2004, Valbruna Slater Stainless is a producer of stainless steel and nickel alloy bars available in a variety of different shapes, which are sold to companies in industries including aerospace, automotive and industrial equipment manufacturers, as well as companies in power generation, chemical processing, construction and the biomedical industry.

The Indiana Economic Development Corporation offered Valbruna Slater Stainless, Inc. up to $450,000 in conditional tax credits and up to $150,000 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. Allen County will consider additional incentives at the request of Greater Fort Wayne, Inc.

“Fort Wayne continues to be a leader in economic development, business growth, job retention, and new jobs,” said Fort Wayne Mayor Tom Henry. “Valbruna Slater Stainless is a valuable partner in our efforts to be a City that invests in the future. Our community is on the move in a positive direction with unprecedented momentum.”

According to the American Iron and Steel Institute, Indiana has topped the nation in steel production every year since 1980. The Great Lakes region of Indiana and the Chicago area produced more than 34 million tons of steel in 2013.

About Valbruna Slater Stainless

Valbruna Slater Stainless, Inc. (VSSI), formerly Slater Steels Fort Wayne Specialty Alloys Division, was acquired by Acciaierie Valbruna in 2004. This North American manufacturing facility produces stainless steel and nickel alloy long round bars in a variety of sizes, grades, finishes and thermal treatments. For more information, visit www.valbrunastainless.com.

About IEDC

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: The Indiana Economic Development Corp.

Novemeber 21, 2014

News Release

FORT WAYNE, Ind. - Valbruna Slater Stainless, Inc. has announced it will reinvest in Fort Wayne once again. The company will invest $30.5 million in a new facility and new machinery. Valbruna will also add 45 new jobs over the next three years.

"We chose to continue investing in Indiana because Fort Wayne is strategically positioned in the Midwest as it represents about 35 percent of the US market, and it is well served with the

proper infrastructure," stated Massimo Amenduni, President of Valbruna Slater Stainless. "Moreover, we have access to a vast pool of skilled labor, a factor that is paramount in today's competitive market. And last but not least, the business environment in Fort Wayne, and in Indiana, is conducive to growth as Valbruna's recent success in the community is clearly indicating."

Valbruna is a worldwide leader in the production of stainless steel and nickel alloy long products (bars) in different shapes and sizes. The company serves a diverse array of industries

such as, oil and gas, power generation, automotive, biomedical, and many others. Valbruna will be constructing one new facility which will be 166,000 square feet and renovating two older facilities on its Urban Enterprise Zone campus. Allotting the company a total of 550,000 square feet for production, which is scheduled to be completed by the last quarter of 2015.

"Indiana's ability to attract and bolster manufacturing investment reinforces the Hoosier State's global reputation as a bedrock for business growth,” said Victor Smith, Indiana Secretary of Commerce. "Valbruna Slater Stainless knows there is a world of options when it comes to where to expand, and it chose Indiana. With our strong workforce and low tax climate, the Hoosier State proves to be a state that works for manufacturing."

The company is eligible for an incentive package, valued at $5,321,074 from the Indiana Economic Development Corporation, Northeast Indiana Works, and the City of Fort Wayne.

The City of Fort Wayne projects that the investment will qualify for a 10-year investment deduction of real and personal property taxes, due to the location of the facility in the Urban Enterprise Zone.

"Fort Wayne continues to be a leader in economic development, business growth, job retention, and new jobs," said Fort Wayne Mayor Tom Henry. "Valbruna Slater Stainless is a valuable partner in our efforts to be a City that invests in the future. Our community is on the move in a positive direction with unprecedented momentum."

"The incentives offered by the Fort Wayne UEA have a positive influence on the location, investment and employment decisions of new and existing businesses in the Urban Enterprise Zone located in our city's manufacturing and industrial core," stated Gina Kostoff, Executive Director of the Urban Enterprise Association. "Investments like the one Valbruna Slater Steel Inc. is making here in Fort Wayne lead to the economic and physical revitalization of the UEZ, improving the social and economic conditions to foster job creation."

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