A manufacturer of industrial gearboxes, Master Power Transmission, will invest $3.6 million to expand its manufacturing center in Columbus, Indiana.
The Greenville, S.C.-based company, which produces gearboxes used in warehousing and manufacturing operations, will renovate, equip and add an additional 30,000 square feet of production area in its current 220,000 square-foot facility at 3300 Tenth St. in Columbus. In addition, Master PT purchased new manufacturing equipment to support additional product expansion.
"Our manufacturing sector continues to see significant growth despite the difficult global economy and Master PT's announcement is another boost to this important industry," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "The Hoosier State competes for and wins competitive investment in southeast Indiana thanks to fiscal stability and a low-cost environment for business."
Master PT, which currently has 56 full-time employees in Columbus, has already begun hiring an approximately 48 machinist and manufacturing associates.
"As we grow our business, we are thrilled to have true partners in the city of Columbus and the state of Indiana. Their vision and support is an essential component of Master PT's plans to create jobs in Columbus," said Michael Cinquemani, owner and chief executive officer of Master PT. "We look forward to the positive economic impact that these initiatives will have on our business, our community and our state."
As an incentive the Indiana Economic Development Corporation offered Master Power Transmission up to $300,000 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 Columbus approved additional property tax abatement at the request of the Columbus Indiana Economic Development Board.
"Master PT's growth is emblematic of the depth and vitality of our local manufacturing sector," said Columbus Mayor Kristen Brown. "We are excited about the company's growth and pleased to assist in its expansion."