IEDC Approves Incentives for Carrier

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From Left-to-Right: IEDC President Elaine Bedel, Governor Eric Holcomb, Secretary of Commerce Jim Schellinger and IEDC Board Member John Thompson. From Left-to-Right: IEDC President Elaine Bedel, Governor Eric Holcomb, Secretary of Commerce Jim Schellinger and IEDC Board Member John Thompson.

The Indiana Economic Development Corp. Board of Directors has approved $7 million in incentives for Carrier Corp. in Indianapolis. The package involves a combination of conditional tax credits and training grants. The company says a $16 million investment will retain more than 1,000 Hoosier jobs, 800 of which were previously going to be outsourced to Mexico.

The incentives must still be approved by the State Budget Agency.

Plans call for improvements to the campus on the west side of the city that will turn it into a gas furnace production Center of Excellence. The IEDC says over the 10 years of the incentives, the facility will have a more than $32 million local economic impact.

Prior to taking office, President Donald Trump visited the facility and held a high-profile news conference with company officials and then-Governor Mike Pence to hold the announcement up as an example of his proposed policies keeping American jobs from leaving the country.

More than 500 jobs will still be lost at the Indianapolis facility as a result of outsourcing by parent United Technologies Corp. (NYSE: UTX). UTC is also moving forward with previously-announced plans to send production work at its Huntington-based United Technologies Electronic Controls Inc. south of the border, costing around 740 northeast Indiana jobs.

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