May 11, 2013 – Columbus, IN - PMG Indiana Corporation, a subsidiary of PMG Group, announced today plans to expand its operations here, creating up to 50 new jobs by 2014.
The Fussen, Germany-headquartered company will invest $22.97 million to construct and equip a second manufacturing facility on its 40-acre campus in Columbus. The 36,000 square-foot facility, which is expected to be completed by the end of the year, will accommodate two new manufacturing lines. In addition, a third line will be installed in an existing plant.
“PMG Indiana’s expansion in Columbus is further validation that INdiana’s pro-growth environment is attracting impressive investment from motor vehicle manufacturers around the globe,” said Eric Doden, president of the Indiana Economic Development Corporation. ”With the best location, infrastructure and workforce in the nation, INdiana is the state that works for automotive companies.”
With more than 240 full-time Indiana employees, the company employs more than 1,250 associates worldwide. It plans to begin hiring additional production, manufacturing and logistics personnel in Columbus this summer.
“PMG Indiana takes great pride in our team, our product and now in our growth as we continue to experience great success,” said Steve Bricker, chief financial officer of PMG Indiana. ”This expansion would not be possible without the business-friendly environment the state and local community has fostered. We appreciate doing business in INdiana and look forward to our future growth here.”
Founded in 1960, PMG Group supplies sintered components and systems for the global automotive industry. With six facilities located across North America, Europe and Asia, the company’s Columbus facility began operations in 1989 and produces powdered metal parts and sub-assemblies.
The INdiana Economic Development Corporation offered PMG Indiana up to $250,000 in conditional tax credits and up to $75,000 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. The city of Columbus approved additional incentivees at the request of the Columbus Economic Development Board.
“I’m very glad PMG Indiana is so successful in Columbus and making such a significant contribution to our leadership in automotive manufacturing,” Columbus Mayor Kristen Brown said.
About PMG Indiana
Megacities are growing continuously. Distances between home and workplace are becoming greater. Global import and export is an essential part of our economic life. Demands on mobility and thus on motorization rise with each day. The challenge is to become faster, less expensive, more reliable and friendlier to the environment.
With six of its own production facilities on three continents and over 50 years of experience, the entire Powder Metal Group (PMG) is dedicated to the creation of innovative solutions that meet the needs of modern mobility. OEM’s and First Tier Suppliers all over the world trust in our customized components and systems for automotive applications. For more information about PMG, please visit www.pmgsinter.com.
Created in 2005 to replace the former Department of Commerce, the INdiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the INdiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits. Therefore, companies must first invest in INdiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Issued by IEDC – Copied by Columbus Economic Development Board
Contact: Katelyn Hancock, firstname.lastname@example.org