Magna Powertrain, to Expand Muncie Operations
10/7/2010 3:31:00 PM
MUNCIE, Ind. - Magna Powertrain, an operating group of Magna International, has announced the company's plans to expand its transmission components manufacturing operations here, creating approximately 50 new jobs through 2011.
The company, which produces powertrain systems and components for the global automotive industry, will invest $14 million to relocate service-part operations to Delaware County. To accommodate the new business, Magna Powertrain will lease a 100,000 square-foot facility located at 1400 West Fuson Road and add more than 180 new assets including two assembly lines.
"Magna Powertrain is the latest in a long list of companies to choose Indiana over competing locations thanks to our low-cost, low-tax business environment and highly productive workforce," said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "With a world of options available, we are pleased to see Indiana continue to win new investment."
The Troy, Mich.-headquartered company, which employs approximately 9,000 associates worldwide, will begin adding engineers, operators and maintenance personnel early next year to accommodate the facility's new operations. The building will be ready to accept equipment by December, with occupancy expected early first quarter.
"On this project we have been fortunate to collaborate with many talented and committed people in Delaware County and the state of Indiana, people who understand our business and help us achieve common goals," said Tom Rucker, vice president, stampings group for Magna Powertrain. "The county and state both recognize the need for business-friendly programs, and as a result we're pleased to be able to bring additional jobs and investment to the Muncie area."
The Indiana Economic Development Corporation offered Magna Powertrain of America up to $275,000 in performance-based tax credits and up to $40,000 in training grants based on the company's job creation plans. Delaware County is providing property tax abatement at the request of the Muncie-Delaware County Economic Development Alliance.
The Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov .
The Muncie-Delaware County EDA Vision 2011 is the Delaware County's five year economic development program and is administered by the Muncie-Delaware County Chamber of Commerce and Delaware Advancement Corporation. For more information about the Muncie-Delaware County Economic Development Alliance, visit www.muncie.com .
Terry Murphy (Muncie-Delaware County Economic Development Alliance) - 765.751.9104 or firstname.lastname@example.org
For Information: Magna Powertrain