Continental Structural Plastics, Inc., an exterior body panels and structural composites components supplier, will invest $6.3 million to expand its operations center in Huntington, Indiana, creating up to 50 new jobs by 2015.
The Michigan-based company will renovate and equip its 203,000 square-foot facility at 1890 Riverfork Drive to accommodate a new production line for the 2015 Corvette model body panels. CSP currently has 286 full-time employees in Huntington and has already begun hiring additional production, logistics, engineering and administrative associates. Renovations on the facility, which currently manufactures products for other General Motors and Ford vehicles, is expected to be operational by spring 2013.
“CSP is very proud of the accomplishments of our team in Huntington,” said Frank Macher, chief executive officer of CSP. “Much has been achieved since our start-up three years ago. The partnership we have with the state of Indiana and city of Huntington has been remarkable. The business friendly policies and low-tax environment have made continued investment in our Huntington plant a very easy decision. We are pleased to manufacture products for the newest model of one of America’s most iconic vehicles, the Corvette, at our Huntington facility.”
Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation said; “CSP’s growth reflects the proven strength of the Hoosier State’s automotive industry, a sector hard hit by the sluggish national economy. However, the industry is on the rebound with Indiana leading the recovery thanks to our work in preserving a low-tax, pro-business environment.”
As an incentive to help facilitate the firm’s expansion effort, the Indiana Economic Development Corporation offered Continental Structural Plastics, Inc. up to $300,000 in conditional tax credits and up to $50,000 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. In addition, the city of Huntington will consider additional property tax abatement at the request of Huntington County Economic Development.
“CSP has made a huge impact in our city in a very short period of time as one of our newest and largest employers,” said Huntington Mayor Brooks Fetter. “It’s an honor for me to serve as mayor of the city which produces the bodies for the Chevy Corvette and other well known cars like Lincoln MK S and parts for Chevy Volt. I am very proud of the team at CSP and really appreciate their commitment to Huntington.”