(via Indiana Economic Devlopment Corporation)
KTR Corporation, a manufacturer of power transmission components, announced plans today to grow its North American headquarters here, creating up to 20 new jobs by 2014.
The company, a subsidiary of German-based KTR Kupplungstechnick, GmbH, plans to invest $1.6 million to purchase computer-numerical-control machinery and renovate its 42,000 square-foot manufacturing, warehousing and sales facility at 122 Anchor Road in Michigan City. Renovations and equipment installation have already begun and are expected to be complete in 2013.
"Indiana's manufacturing sector is thriving thanks to companies like KTR Corporation that continue to invest in our state," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Our distinct advantages in location, infrastructure, workforce and regulatory environment have put Indiana on the map as a world-class business destination."
The company, which currently employs 43 Hoosiers, has already begun hiring additional engineering, production management, sales and production associates.
"We chose Indiana because we have been located here for over 20 years," said William T. Ketcham, president of KTR Corporation. "Our objective is to manufacture products of the highest quality, provide superior service, product availability and expert technical assistance at the lowest possible cost to our customers."
The company was founded in Michigan City in 1988 and, together with its parent company, has become one of the world's largest coupling manufacturers, supplying nearly 80 percent of all couplings in wind turbines worldwide. KTR Corporation's parent company operates in 21 countries and maintains more than 40 subsidiary companies.
The Indiana Economic Development Corporation offered KTR Corporation up to $150,000 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. The city of Michigan City has granted a boundary modification of its enterprise zone at the request of the Michigan City Economic Development Corporation.
"I am excited about the commitment KTR Corporation has shown to Michigan City," said Michigan City Mayor Ron Meer. "It is exciting for Michigan City to have the leading global manufacturer of wind generator couplings expand its U.S. headquarters here. I am proud to have KTR Corporation, a contributor to the alternative energy initiative, call Michigan City home."
KTR Corporation joins the growing list of foreign manufacturers expanding their operations in the Hoosier State. Last month, Toyota Motor Manufacturing Indiana announced plans to grow its Gibson County operations. As part of the project, the company will invest $131 million to consolidate its Highlander mid-size SUV production to Princeton, creating approximately 400 new jobs by 2013.
About KTR CorporationOur extensive product line began over 50 years ago with the BoWex curved tooth gear coupling and the ROTEX torsionally flexible jaw coupling. Our technological strength and innovative problem-solving concepts have earned us several prestigious design awards. KTR utilizes 3D CAD systems, finite element analysis and our ability to simulate actual field conditions within our own R&D facility. These tools are employed during the design of new products producing custom solutions geared to our customers' individual specifications. Manufacturing is performed on state-of-the-art CNC machinery to ensure the highest grade components. We manufacture to AGMA and DIN standards to meet the exacting demands of a global marketplace. Our quality control system is overseen by a dedicated staff that takes pride in providing customers with excellent service, consistent products and exceptional value. KTR Corporation is recognized as a highly competent power transmission partner.
About IEDCCreated by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. 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.