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ThyssenKrupp Presta Terre Haute, LLC, a manufacturer of steering systems for the automotive industry, has announced plans to expand its operations here, creating approximately 120 new jobs by 2013.
The company will invest $22 million to expand and equip its manufacturing facility by nearly 70,000 square feet. The expansion, which includes the addition of three new assembly lines, reflects increased existing customer orders from original equipment manufacturers and new contracts with several major auto companies. Construction is scheduled to begin this month and conclude by October.
“The growth of international companies like ThyssenKrupp Presta Terre Haute reaffirms Indiana’s reputation as one of the most business-friendly environments in the nation,” said Gov. Mitch Daniels. “Through our low-tax policies, we’re giving companies the tools and framework to expand in our state while providing more jobs for hardworking Hoosiers.”
ThyssenKrupp Presta Terre Haute, which currently has approximately 200 full-time employees in Terre Haute, will begin hiring new associates this spring. The new positions will be across the company, including engineering, logistics and supply chain management, material handling and maintenance.
“This investment allows us to significantly grow our business and continue providing existing and new customers with quality, cutting edge products. It also demonstrates our strong commitment to Terre Haute, and to creating well-paying jobs in the area,” said Peter Allaart, chief executive officer and president of ThyssenKrupp Presta Terre Haute. “We are very fortunate and appreciative to have partners in Terre Haute, Vigo County and the state of Indiana that are as dedicated to increasing economic growth and job creation as we are.”
Headquartered in Terre Haute since 2003, ThyssenKrupp Presta Terre Haute is part of the components technology business area of Germany-based ThyssenKrupp, a global materials and technology company which consists of eight business areas. Overall, ThyssenKrupp U.S. subsidiaries have nine locations in the state of Indiana and employ more than 1,300.
The Indiana Economic Development Corporation offered ThyssenKrupp Presta Terre Haute, LLC up to $1,000,000 in conditional tax credits and up to $200,000 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. Vigo County will consider additional property tax abatement at the request of the Terre Haute Economic Development Corporation.
“In addition to its manufacturing operations, ThyssenKrupp Presta Terre Haute is also growing its research and development presence,” said Vigo County Commissioner Judy Anderson. “ThyssenKrupp Presta is the epitome of 21st century advanced manufacturing.”