Stainless Steel Processor to Set Up HQ in Muncie

(photo courtesy of INOX Market Service)

An Italian stainless steel processing company has announced plans to establish operations in Delaware County. The Indiana Economic Development Corp. says INOX Market Service will invest more than $15 million to build its North American headquarters in Muncie and create up to 101 jobs by the end of 2024.

The company plans to build and equip a nearly 140,000-square-foot facility, which it says will allow for the expansion of its stainless steel slitting and forming operations.

Construction on the facility is expected to begin this summer with production starting in the spring of 2021. The company plans to reach full operational capacity by 2022.

“We looked at multiple locations within the U.S., and after meeting with state and Delaware County officials, we quickly recognized that their organization and personalized support exceeded that of many other states,” said Federico Sbettega, owner and INOX Board of Directors member. “We want to be part of a welcoming community like Delaware County, and we find tremendous value in the state and community investing in their futures; and that is exactly what we saw from the leaders in Indiana.” 

INOX employs some 400 workers throughout the world and plans to begin hiring for steel production jobs in spring 2021.

The IEDC says it will offer INOX up to nearly $1.2 million in conditional tax credits, which the company will not be eligible to claim until Hoosier workers are hired for the new jobs. The Delaware County Commissioners will consider additional incentives.