A national trade publication is recognizing expansions in Tippecanoe, Howard and Tipton counties on a list of 2013's top economic development projects. Trade & Industry Development magazine says the auto industry projects are among its Corporate Investment and Community Impact Award winners. March 18, 2014
INDIANAPOLIS, Ind. – Subaru of Indiana Automotive's (SIA) production expansion in Lafayette and Chrysler Group, LLC's Kokomo and Tipton expansions received national recognition this week as winners of Trade & Industry Development magazine's 9th annual Corporate Investment and Community Impact Awards (CiCi). The projects are among the top 30 economic development projects in 2013 and were selected from hundreds submitted from across the country.
“Indiana is an automotive powerhouse, helping run the motor of core companies like Subaru and Chrysler,” said Victor Smith, Indiana Secretary of Commerce. “They both chose Indiana for growth because they understand firsthand the benefits they gain by operating here. Powered by an affordable cost of doing business, low taxes and a dedicated workforce, we've built a robust business environment. Companies of all sizes and industries find what they're seeking and more here in Indiana, a state that works for business.”
SIA's project was chosen as one of the top 15 in the Corporate Investment category for the Japan-based automotive manufacturer's $400 million to $450 million investment to build the Impreza at SIA and expand the plant's production capacity to approximately 100,000 vehicles annually. The expansion will grow the company's total footprint on its 832-acre Lafayette campus by more than 500,000 square-feet.
Chrysler Group's expansion was also recognized as one of the top 15 in the Corporate Investment category for the automotive manufacturer's total investment of $374 million to expand its operations in north central Indiana, creating up to 1,250 new jobs over the next few years. The company will invest $212 million to install additional tooling and equipment to produce eight- and nine-speed transmissions in three of its Kokomo plants and will invest an additional $162 million to establish an assembly site for the nine-speed transmission in Tipton, Ind.
“When two automotive companies the likes of Subaru and Chrysler announce capital investment plans for expansion to the tune of $450 million and $374 million respectively, that is something that deserves high-profile recognition. That is why Trade & Industry Development has awarded each of them a 2014 CiCi Award in the Corporate Investment category,” said Scott Swoger, publisher of Trade & Industry Development. “Trade & Industry Development commends the Indiana Economic Development Corporation for its role in ensuring that these very impressive capital investments remained in Indiana as it is a testament to a business climate these automotive giants have clearly come to appreciate.”
The CiCi Awards are a dual-awards program highlighting the largest corporate investments, as well as recognizing projects that make the most notable impact on communities. For a complete list of winners, see Trade & Industry Development’s March/April issue or visit www.tradeandindustrydev.com.
About Trade & Industry Development
Trade & Industry Development serves executives within specific vertical industries. Its mission is to help companies perpetuate success by providing clear and crucial insight into the challenge of site selection and facility planning. By working with thought leaders and experts in various fields, Trade & Industry Development provides actionable content that is both innovative and forward-looking. It is committed to being a valuable and trusted partner for C-suite executives, corporate real estate professionals and site consultants, enabling them to make the best possible decisions – for themselves, their companies and their shareholders. www.tradeandindustrydev.com.
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.