An Ohio manufacturing company plans to spin off its machining and fabrication operations and set up shop in northeast Indiana,
creating 111 jobs by 2014, state economic development leaders said Tuesday evening.
Industrial Steering Products will grow its Steuben County production operations by forming a new business, Triton Metal Products. The company, which makes parts for the heavy truck, medical, military and motor home industries, plans to invest $4.8 million to expand an existing 93,000 square-foot building.
Formed in 1982 from a division of General Motors, Industrial Steering Products will continue to produce steering components for industrial vehicles, motor homes and heavy trucks. Its Triton Metal Products subsidiary will be a full-service machining and fabricating provider.
A woman-owned small business enterprise, Triton already has hired additional manufacturing and engineering workers to help with the Hamilton expansion.
The Indiana Economic Development Corporation offered Triton up to $620,000 in performance-based tax credits and up to $50,000 in training grants based on the company's job creation plans. The town of Hamilton will consider additional property tax abatement on machinery and building improvements.