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On October 11, 2012, Indiana Gov. Mitch Daniels joined executives from Tsuda Industries Co., Ltd., a Japanese automotive parts supplier, to announce the company’s plans to locate its first North American facility in Mt. Comfort Air Park East, located in Mount Comfort, IN. The undertaking should create up to 116 new jobs by 2016.
Tsuda, which manufactures a variety of automotive transmission and chassis components, will invest $56.2 million to construct and equip a production facility on 20 acres in the state certified shovel ready site in Hancock County. Construction is expected to commence early next year on the 155,000 square-foot plant. When operational in January 2014, the Indiana site will supply Toyota operations across the country, including the automobile manufacturer’s Princeton, IN and Georgetown, KY facilities.
“Indiana is proud to be the only state with two Toyota plants and the thousands of additional jobs from great suppliers like Tsuda,” said Daniels. “We’re glad to welcome yet another great Toyota partner to our state.”
The company, which currently has more than 1,500 employees in its Japan, Thailand, Indonesia, and China facilities, plans to begin hiring manufacturing, production, and engineering associates for its Indiana location next year.
“Indiana’s rich history in automotive manufacturing, skilled workforce and low-cost, pro-business environment makes it the perfect location for Tsuda’s first North American investment,” said Kenji Kunieda, president of Tsuda. “Tsuda looks forward to becoming a part of the Hoosier automotive landscape, a place that is not only the ‘Crossroads of America’ but a place that offers our company a strong competitive advantage in terms of reaching North American and global markets.”
With roots dating back to 1934 in Japan, Tsuda began working with Toyota Motor Corp. in 1937 and today is partially-owned by the Toyota Group. The company, which saw sales of more than $480 million last year, also supplies automobile industry giants Denso, Aisin, Suzuki and Honda.
The Indiana Economic Development Corporation offered Tsuda up to $1,160,000 in conditional tax credits and up to $150,000 in training grants based on the company’s job creation plans. These tax credits are performance-based, meaning until Indiana residents are hired, the company is not eligible to claim incentives. Hancock County approved additional property tax abatement at the request of the Hancock Economic Development Council.