Stratosphere Quality, a global provider of quality assurance and outsourcing solutions to manufacturers will expand its headquarters in Fishers, IN, creating up to 250 new jobs by 2020.
“Indiana is a great place for a growing company, and is home to a friendly business environment with a good pool of talented workers,” said Tom Gray, chief executive officer of Stratosphere Quality. “Our employees have played a large role in our success and growth as a company. Our hiring and training practices are the fundamentals of excellent service delivery to our customers and we have sincerely appreciated the state’s assistance with our efforts.”
The company will invest $3.7 million to update its 46,000-square-foot headquarters in Hamilton County. As part of its update, Stratosphere Quality will add additional break rooms, enhance office space and increase employee training opportunities to accommodate its growing team. Stratosphere Quality anticipates continued growth rates of more than 10 percent per year, and must expand its operations to meet the increased demand. Between 2012 and 2015, the company grew its revenue by 40 percent, generating annual revenues exceeding $100 million.
This is Stratosphere Quality’s second major expansion announcement in recent years. In 2012, the company announced plans to invest $2.6 million into its Fishers headquarters and grow its headcount. The company exceeded its hiring goal and currently employs nearly 600 workers in Indiana as part of its team of over 2,200 associates across North America. With plans to add 250 new jobs at the Fishers location, Stratosphere Quality will continue hiring for quality inspectors, team leaders and supervisors throughout the year.
Stratosphere Quality provides quality assurance and outsourcing solutions to manufacturers of parts and components in the automotive, medical device and large equipment industries. The company, which has been on the Inc. 5000 List of America’s Fastest-Growing Companies for the past four years, helps suppliers and original equipment manufacturers (OEMs) identify the root cause of quality problems, minimize defects, improve quality, increase efficiency and reduce costs associated with quality issues. Stratosphere Quality serves manufacturers in the U.S., Mexico, Canada and China.
“Across the state, companies like Stratosphere are making Indiana a great place to work and live,” said Governor Eric J. Holcomb. “It’s exciting to see companies benefit from our low-tax climate and skilled workforce. We will take Indiana to the next level by continuing to develop a diverse economy that meets the demands of the 21st century.”
The Indiana Economic Development Corporation (IEDC) offered Stratosphere Quality LLC up to $800,000 in conditional tax credits and up to $200,000 in training grants based on the company’s job creation plans. These incentives are performance-based, meaning until employees are hired, the company is not eligible to claim incentives.
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