More Details on Carrier Deal, Indiana’s Offer

Posted: Updated:
INDIANAPOLIS -

Inside INdiana Business has learned additional details about today’s announcement at Carrier Corp., including the value of the state’s incentive package, plans by the company to invest in the Indianapolis plant and expected jobs numbers.

As indicated in a Wednesday statement released by Carrier, the company plans to make the Indianapolis plant a Center of Excellence for home gas furnace production in North America and is eyeing a $16 million investment in improvements to help make that happen.

In terms of incentives, as we reported this morning, the ten-year package includes a mix of EDGE tax credits and training money. The state is offering up to $5 million in EDGE tax credits, in which the state will refund a “minority portion” of employee state tax withholdings over a ten year period. EDGE credits, common in attraction and expansion deals, are rare in retention deals like Carrier, but are in play here.

The incentive package also includes up to $1 million in training dollars and the potential for up to another $1 million related to Carrier’s potential investment in the plant.

The Indiana Economic Development Corp. says the “all-in” $7 million incentive package over ten years would put it among the IEDC's most conservative offers for a deal of this magnitude.

Inside INdiana Business has also learned that Carrier is expected to announce that 1,069 of the approximately 1,400 jobs at the plant will be retained. A source also indicates that the remaining jobs may be handled through attrition over the next two years or so.

Full details of the deal will come out at a 2 PM event at Carrier’s west side plant, with President-elect Donald Trump, Vice President-elect Governor Mike Pence, Carrier parent United Technologies Corp. (NYSE: UTX) CEO Gregory J. Hayes, UTC Climate, Controls and Security President Robert J. McDonough and state and local leaders in attendance. 

We will be streaming the announcement live at InsideINdianaBusiness.com.

This developing story will be updated.

  • Perspectives

    • (photo courtesy of Bosma Enterprises)

      Making a Difference Through Meaningful Employment

      Imagine facing a 70 percent unemployment rate. That is the challenge people who are blind or visually impaired are up against when trying to find employment. And it is why Bosma Enterprises' mission to create opportunities is so important. The Governor’s Council designates each March as Disability Awareness Month to promote independence, integration and inclusion of all people who have disabilities. As the state’s largest employer of people who are blind or...

    More

Events



  • Most Popular Stories

    • (Image courtesy of Visit Bloomington)

      IU Names Commencement Speakers, Honorary Degrees

      Indiana University has announced the 2019 commencement speakers and those who will receive honorary degrees. Ceremonies in Bloomington and Indianapolis will also feature guest speakers and 10 honorary degrees will be awarded across five campuses.

    • IHSAA Basketball to be Televised on FOX Sports

      High school basketball fans will have the opportunity to watch the IHSAA state championship games live this weekend. The IHSAA Boys Basketball Championships will be broadcast live from Bankers Life Fieldhouse on FOX Sports Indiana and Fox Sports Indiana Plus.

    • Former Loan Company Officials Charged With Fraud

      Five former officers and employees of an Indiana loan packaging and servicing company have been indicted in federal court. The U.S. Department of Justice says the charges stem from an alleged 13-year-long conspiracy to defraud the U.S. Small Business Administration.

    • (photo courtesy of Rize)

      Rize to Join Restaurant List at The Yard

      A popular brunch restaurant is joining the line-up of restaurants at The Yard at Fishers District. Cunningham Restaurant Group is bringing Rize to the $110 million culinary and entertainment hub. The Fishers location will include more than 3,800 square feet of restaurant space and 120 seats.

    • Photo courtesy of 410 Bakery

      Hoosier Bakery Makes Top 7 Gas Station Conversion List

      A Hoosier bakery has been recognized as one of “America’s 7 Most Beautiful Gas Station Conversions” by Architectural Digest. 410 Bakery in New Albany launched in 2016 as a full retail bakery in what was previously the Economy Filling Station.