IEDC Board Set For Vote on Carrier Incentives
The Indiana Economic Development Corp. Board of Directors will vote Tuesday afternoon on a $7 million incentive package for Carrier Corp. The company is planning to invest $16 million into its Indianapolis operations and retain some 800 jobs that were to be outsourced to Mexico. As a result of the investment, Carrier says Indianapolis will become a Center of Excellence for production of gas furnaces.
Late last year, then-President-Elect Donald Trump held a high-profile news conference to announce an agreement had been reached with Carrier. During his campaign, Trump routinely called out the manufacturer by name as an example of American companies shipping jobs overseas. More than 500 Carrier Corp. employees will still be out of work in Indianapolis.
The IEDC is offering a ten-year-long package of incentives that includes $5 million in conditional tax credits, $1 million in training grants and another $1 million contingent upon Carrier making good on its investment plans.
United Technologies Electronic Controls Inc., which is headquartered in Huntington and is also a subsidiary of Carrier’s parent United Technologies Corp. (NYSE: UTX), is not involved in the state incentive play. Plans to trim nearly 740 jobs as part of a production move to Mexico are slated to be complete by the end of June. UTEC’s headquarters, engineering and product marketing business will stay in Huntington County.
Governor Eric Holcomb is scheduled to chair Tuesday’s joint meeting of the IEDC and Indiana Economic Development Foundation Inc. at 4:00 p.m. at Ivy Tech Corporate College and Culinary Center in Indianapolis.