Auto bearings manufacturer, NSK Corporation and NSK Precision America, Inc. plan to expand its operations in Franklin, Indiana, creating up to 46 new jobs by 2016.
The companies, subsidiaries of Japan-based NSK Ltd., will invest $30.2 million to equip and renovate two facilities on their 63-acre campus. The 160,000 and 75,000 square-foot facilities will house additional taper rolling bearing lines, linear motion production equipment and building improvements for production, which are expected to be complete by 2016.
NSK manufactures and supplies roller bearings, ball bearings, precision ground ball screws and other automotive components for the industrial and automotive industries. The company, which currently has 400 full-time employees in Franklin and more than 2,400 employees nationally, plans to begin hiring machine operators, manufacturing associates, engineers and quality control associates in October.
"NSK has been manufacturing in Franklin, Ind. successfully for more than 20 years," said Brian Lindsay, chief executive officer of NSK Americas. "I am delighted that we are still able to grow and develop new technologies and processes here in Franklin where we find a willing and qualified workforce together with extremely supportive state and local governments. We are very grateful for this opportunity, which helps us justify this investment and the creation of new jobs over the next three years."
"Manufacturing remains a powerhouse of Indiana's economy, sparking new investments in our state," said Victor Smith, Indiana Secretary of Commerce. "NSK is the latest global company to recognize that Indiana's strong workforce, low-tax policies and convenient location make it a state that works for manufacturing."
As an incentive, Indiana Economic Development Corporation offered NSK Corporation and NSK Precision America, Inc. up to $225,000 in conditional tax credits and up to $100,000 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 Franklin will consider additional tax abatement at the request of the Johnson County Development Corporation.
"The commitment from NSK to the city of Franklin is tremendous and greatly appreciated," said Franklin Mayor Joe McGuinness. "They have provided countless opportunities for the residents of Franklin and have been a great partner for future growth within our community."