Princeton-based Vuteq USA Inc. has announced plans to build a new facility in Gibson County. The Gibson County Economic Development Corp. has confirmed to Inside INdiana Business the company, which makes components for Toyota vehicles, will invest $27 million to construct a new support center and plant, which would employ 400 people by 2022.
Vuteq currently has a plant located just north of Toyota Motor Manufacturing Indiana in Princeton. The new facility will be located on a 53 acre site to just southwest of the TMMI plant near U.S. 41 and County Road 550 South
The first phase of the project is expected to cost $19 million and will include the support center and a 200,000-square-foot production plant. A spokesperson for the company told the Gibson County Commissioners Tuesday the support center would employ 10 people this year.
When the production plant is fully operational, employment is expected to grow to 400 by 2022. The second phase of construction would cost $8 million. Paul Waters with the Gibson County EDC calls the expansion a "tremendous win" for the entire community.
"Vuteq has been in Princeton for 17 years as a Toyota supplier," said Paul Waters with the Gibson Count EDC. "We are honored that Vuteq has the confidence in our work force to make this huge investment. We are also very excited that Vuteq will be using this facility as their support team for marketing, training and sales for all of their United States plants."
The company is requesting the creation of a new Tax Increment Finance district to help offset the costs of water, sewer and infrastructure improvements needed at the site. The Gibson County Commissioners voted to send that request to the Gibson County Redevelopment Commission to adopt a resolution to form the new TIF district.
Vuteq USA is a subsidiary of Japan-based Vuteq Corp.