Premium Rock, a manufacturer of engineered stone panels using a new proprietary technology, plans to expand its operations in Elkhart, Indiana. The project is expected to create 74 new jobs by the end of 2024.
The company will invest more than $9.1 million to double its 20,000-square-foot manufacturing facility at 30244 CR 12 in Elkhart and add new machine and product lines. The company began construction in September and expects the expansion to be fully operational by May 2021.
"We're excited to expand our operations in Indiana and believe the Elkhart community and state of Indiana both provide a great quality of place and low cost of living, which is important to us for our growing team," said Premium Rock CEO Terry Ploetz. "Being from Elkhart, it means a lot to grow our company in the community we've grown up in and are excited to create jobs and expand our footprint in Elkhart."
As an incentive, Indiana Economic Development Corporation offered Premium Rock LLC up to $750,000 in conditional tax credits based on the company’s plans to create up to 80 new jobs by the end of 2024. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. Elkhart County supports the project.
"As a state, we're laser-focused on providing a rock-solid, business-friendly environment so innovative companies like Premium Rock are able to focus on what matters most, developing its product and growing its team," said Indiana Secretary of Commerce Jim Schellinger. "Premium Rock's expansion plans demonstrate the resilience of Hoosier manufacturers, and we look forward to watching the company continue to grow, supporting the Elkhart County community and adding quality career opportunities for Hoosiers.”
Elkhart-based Premium Rock produces lightweight, highly durable, fire-resistant, waterproof and UV-resistant engineered stone panels by implementing a cold-embedding process to produce seamless images. Premium Rock, which currently employs seven associates in Indiana, plans to hire for positions in graphic design, fabrication, warehouse logistics and a plant manager beginning March 2021.