Wisconsin-based Jason Industries Inc. (Nasdaq: JASN) has announced its second expansion this month in Richmond. The company is planning to locate a Janesville Acoustics manufacturing facility in the Wayne County city, which could lead to around 90 jobs by the end of the year. March 26, 2015

News Release

RICHMOND, Ind. – Janesville Acoustics, a unit of Milwaukee-headquartered Jason Industries, Inc. (NASDAQ: JASN and JASNW), announced plans today to establish a manufacturing plant in Richmond, creating up to 87 new jobs by 2016.

“Jason Industries continues to bring great news to Indiana,” said Governor Mike Pence. “Indiana welcomes Janesville Acoustics' growth, which continues a trend we're witnessing across our state. Once a company is operating in Indiana, it can find success here. In fact, we saw that earlier this month with Jason Finishing Group's office relocation, and we’re delighted to see it again today for Janesville Acoustics.”

Janesville Acoustics, which is headquartered in Southfield, Michigan, will invest $10.62 million to lease, renovate and equip a portion of an existing facility at 2350 Salisbury Road in Richmond. The 240,000 square-foot building is co-occupied by Jason Finishing Group, a fellow unit of Jason.

“Our more than 10 years in Richmond have demonstrated that Indiana offers a business-friendly climate that is supportive of growing companies like Jason,” said David Westgate, chief executive officer at Jason. “We look forward to expanding our presence in the state and becoming an increasingly important part of the fabric of the Richmond community.”

This news marks Jason Industries' second announced Indiana expansion in March. Two weeks ago, Jason Finishing Group, which has had a plant in Richmond, Indiana since 2004, announced plans to relocate its North American administrative offices from Cleveland, Ohio to Richmond, creating up to 34 new jobs by 2015.

Janesville Acoustics' Richmond plant will manufacture the company's new line of fiber-based underbody systems. Installation of equipment and tooling will occur over the next six months with production expected to launch in the first quarter of 2016. The company's new Indiana facility will provide for closer proximity to automotive customers' assembly plants, which will result in reduced logistical costs and an increase in efficiency and flexibility.

“This is an exciting time for our company as we prepare to launch an innovative new product line and establish a presence in the state of Indiana,” said David Cataldi, president of Janesville Acoustics. “Richmond provides a location that is not only proximal to many of our valued customers, but one that also offers the right mix of a qualified workforce and supportive state and local government. Janesville Acoustics has experienced significant growth in recent years and we believe a presence in Indiana will only further our efforts in that regard.”

Janesville Acoustics, which currently has more than 1,500 employees in the United States, Mexico and Germany, has already begun hiring maintenance and lead operators. In late summer, hiring of production workers will begin, with the majority of hourly employees being hired in October. Interested applicants can apply at www.janesvilleacoustics.com.

Founded in 1875, Janesville Acoustics is a producer of acoustical and thermal fiber insulation and molded fiber products. A tier I and tier II supplier to the automotive and transportation industry worldwide, the company produces dash insulators, engine sides, close out panels, carpet insulation, interior insulation, wheel wells and trunk compartments.

The Indiana Economic Development Corporation offered Jason Industries up to $450,000 in conditional tax credits and up to $40,000 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. Wayne County will consider additional incentives at the request of the Economic Development Corporation of Wayne County.

“This is such great news for the city of Richmond,” said Richmond Mayor Sally Hutton. “Janesville Acoustics will make a great addition to our cluster of automotive suppliers already established here. This announcement coupled with Jason Industries' headquarters relocation announcement further demonstrates that Richmond-Wayne County is a great place to do business. I look forward to working with the Janesville team.”

About Jason Industries

Jason Industries, Inc. is parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including Assembled Products (Buffalo Grove, Ill.), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). All Jason companies utilize the Jason Business System, a collaborative manufacturing strategy applicable to a diverse group of companies that includes business principles and processes to ensure best-in-class results and collective strength. Headquartered in Milwaukee, Wis., Jason employs more than 4,000 individuals in 14 countries.

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: Jason Industries Inc.

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