Saran Industries Invests $4.4 Million To Establish Manufacturing Center In Kokomo, Indiana
The homegrown Hoosier company will invest $4.4 million to lease and renovate a 250,000-square-foot vacant factory complex in Kokomo. The renovation will provide additional space for new manufacturing equipment to satisfy a growing customer base.
“Adding a manufacturing facility in Kokomo enables Saran to better serve our industrial manufacturing customers in Indiana and Michigan,” said Nick Saran, Vice President of Saran Industries. “We are confident in our Kokomo investment and the performance capabilities of the local workforce.”
Saran, which currently has two Indiana locations in Indianapolis and Shelbyville, plans to begin hiring associates for positions in general labor, quality, material handling, supervision and skilled trades at the new Kokomo facility.
The Indiana Economic Development Corporation offered Saran Industries, LLC up to $500,000 in conditional tax credits 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.
“Significant expansion decisions like this confirm that Indiana is a state that works for business,” said Victor Smith, Indiana Secretary of Commerce. “Here in the Hoosier State companies find an affordable business climate, supported by low taxes, a low cost of doing business, and most importantly, a quality Hoosier workforce that continues to grow.”
“The City of Kokomo has been in negotiations with Saran since December 2014,” said Mayor Greg Goodnight. “There were other Midwestern cities that were in contact with the company. In the end, Kokomo’s skilled workforce, existing infrastructure and proximity to the company’s customer-base could not be matched.”
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