OSR Inc., a manufacturer of automotive fasteners, will increase its manufacturing production in Columbus, IN and recently broke ground on a new $7 million expansion that will support its future growth in Indiana. The company, a joint venture between Nagoya, Japan-based Owari Precise Products Co. Ltd and Columbus-based Rightway Fasteners Inc. (RFI), will construct and equip a new 82,395-square-foot manufacturing facility near its current facility in Woodside Northwest Industrial Park.
“Columbus, Indiana, has proven to be a very good business location for us,” said Makoto Inagaki, president of OSR Inc. “Because of the support from the city of Columbus and our strong relationship with Indiana government and industry partners within the state and in Japan, it was an easy decision to invest here.”
OSR expects to move into the larger space by the end of 2020, increasing its Indiana footprint by more than 40,000 square feet. The new facility, which will require nearly $5 million in property improvement and $2 million in new manufacturing, quality and logistics equipment, will allow OSR to produce a broader range of metal fasteners. Construction is expected to be completed by the end of this year.
“OSR’s decision to expand in Indiana continues a long-standing tradition of Japanese manufacturers choosing our state for growth,” said Indiana Secretary of Commerce Jim Schellinger. “We’re proud of and grateful for our strong cultural and economic ties with Japan. Indiana is home to more than 290 Japanese business facilities that support thousands of quality jobs across the state, and we look forward to continued growth as companies like OSR grow and create even more career opportunities for Hoosiers.”
OSR, which currently has 29 employees in Indiana, plans to begin increasing its production at the beginning of 2020 with up to 12 new employees.
OSR specializes in M4 to M9 cold-forged fasteners, primarily for Toyota Motor Engineering & Manufacturing North America plants. RFI, which manufactures specialty fasteners in Columbus, was also established as a joint venture by four Japanese-owned companies: Meidoh Co. Ltd, Nagoya Dacro, Toyota Tsusho America and Sannohashi.
“OSR’s investment represents a significant milestone for the company, and it is the latest example of our decades-long track record of supporting and welcoming foreign direct investment, especially from Japan,” said Columbus Mayor Jim Lienhoop. “We are very pleased to welcome OSR’s first stand-alone U.S. manufacturing facility, and we wish them great success in the years ahead.”
The Indiana Economic Development Corporation offered OSR up to $110,000 in conditional tax credits based on the company’s plans to create 12 new jobs by the end of 2019. These tax credits are performance-based, so until employees are hired, the company is not eligible to claim incentives. The city of Columbus, with support of the Greater Columbus Economic Development Corporation, recently approved a 10-year property tax phase-in to produce savings of up to $750,000 to the company over 10 years.
Indiana is home to more than 290 Japanese business facilities, including original equipment manufacturers like Subaru of Indiana Automotive, Toyota Motor Manufacturing of Indiana and Honda Motor North America, as well as automotive suppliers like OSR. Together, these companies support 65,000 Hoosier jobs.
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