ThyssenKrupp Presta Terre Haute, a manufacturer of steering systems for the automotive industry, plans to invest $22 million to expand its Indiana manufacturing facility by nearly 70,000 square feet.
"The expansion, which includes the addition of three new assembly lines, reflects increased existing customer orders from original equipment manufacturers and new contracts with several major auto companies, according to Indiana Economic Development officials.
"The growth of international companies like ThyssenKrupp Presta Terre Haute reaffirms Indiana's reputation as one of the most business-friendly environments in the nation," said Governor Mitch Daniels. "Through our low-tax policies, we're giving companies the tools and framework to expand in our state while providing more jobs for hardworking Hoosiers."
ThyssenKrupp Presta Terre Haute, which currently has approximately 200 full-time employees, will begin hiring an undisclosed amount of workers in engineering, logistics and supply chain management, material handling and maintenance.
The Indiana Economic Development Corporation offered the manufacturer up to $1-million in conditional tax credits and up to $200,000 in training grants based on the company's job creation plans. In addition, Vigo County will consider additional property tax abatement at the request of the TerreHaute Economic Development Corporation.
"This investment allows us to significantly grow our business and continue providing existing and new customers with quality, cutting edge products. It also demonstrates our strong commitment to Terre Haute, and to creating well-paying jobs in the area," said Peter Allaart, chief executive officer and president of ThyssenKrupp Presta Terre Haute. "We are very fortunate and appreciative to have partners in Terre Haute, Vigo County and the state of Indiana that are as dedicated to increasing economic growth and job creation as we are."
"In addition to its manufacturing operations, ThyssenKrupp Presta Terre Haute is also growing its research and development presence," said Vigo County Commissioner Judy Anderson. "ThyssenKrupp Presta is the epitome of 21st century advanced manufacturing."