NTK Precision Axle Corporation (NTK), a global automotive supplier, will establish a new manufacturing facility in Madison County, IN that will create nearly 200 new jobs over the next five years. The Japan-based company, which also has a manufacturing facility in Frankfort, IN, will invest more than $100 million to build and equip the new 300,000-square-foot facility in Anderson.
“Our parts make their way to more than 15 different automakers, which translates to one fourth of the cars and light trucks on the open road riding on our products,” said Tadao Okamura, president of NTK. “We are excited for Anderson to become part of our company and we look forward to a long and prosperous relationship with both the city and the state.”
NTK, which manufactures wheel hubs and constant velocity joint (CVJ) axles for both two-wheel and four-wheel drive vehicles, plans to break ground on the new facility this spring and to launch production in October 2018. With its growth, NTK expects to produce 130,000 products per month in 2018, increasing its production to 1 million products per month in 2021.
NTK is a subsidiary of Japan-based NTN Corporation, a global manufacturer of mechanical parts and equipment. NTN employs more than 4,500 people in the U.S., including nearly 2,000 employees in Indiana. With its growth, the company plans to create up to 140 new jobs at NTK in Anderson by 2020 and anticipates hiring another 58 associates in 2021.
Pending approval from the Indiana Economic Development Corporation (IEDC) Board of Directors, the IEDC will offer NTK Precision Axle Corporation up to $1 million in conditional tax credits based on the company’s plans to create 140 jobs by 2020. The tax incentives are performance-based, so until employees are hired, the company is not eligible to claim them. The city of Anderson will consider additional incentives at the request of the Madison County Council of Governments.
“Here in Indiana, we are home to the highest concentration of manufacturing jobs in the nation because our state has worked hard to build a pro-growth business climate,” said Indiana Secretary of Commerce Jim Schellinger. “Global companies like NTK are choosing Indiana because we offer a low-cost, low-tax, limited regulation environment with a workforce that is second-to-none. Every day, Hoosiers across the state are building products that power our world, and I’m confident that our skilled workforce will help drive NTK’s growth and success for years to come.”
NTK is one of more than 260 Japanese establishments in Indiana that together employ more than 53,000 people. Among all U.S. states, Indiana has the largest amount of Japanese investment per capita. With more the than 1 million cars assembled in Indiana each year, the Hoosier state is home to the second-largest automotive industry in the nation.
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