Zipp Speed Weaponry, a maker of high-end bicycle components, said Wednesday that it will invest $12.4 million in a new manufacturing and customer service center in Indianapolis, creating 105 jobs by 2013.
The company will begin hiring by June, prior to the expected July completion of the 70,000-square-foot plant on Indianapolis’ northwest side near 54th Street and Guion Road. The company will leave its current location at 1180 Main St. in Speedway.
The Indiana Economic Development Corp. offered Zipp up to $690,000 in performance-based tax credits and up to $110,000 in training grants based on the company’s job-creation plans. The city will support additional property- tax abatement requested by Indianapolis Economic Development Inc.
“We are thrilled Zipp has decided to expand its operations here in Indianapolis,” Mayor Greg Ballard said in a statement. “Our city continues to shine as the location of choice for so many companies in many different industries. Zipp is one more young and exciting company we can add to the list.”
Founded in Indianapolis in 1988, Zipp Speed Weaponry was purchased in late 2007 by Chicago-based SRAM Corp., also a designer and manufacturer of high-end bicycle components.
Zipp made a name for itself making carbon fiber wheels for triathletes. In 2000, Zipp wheels began gaining popularity with bicycle racers in Europe, where the high-end cycling market is much larger. Since 2000, riders in some of Europe's biggest professional races, including the Tour de France, have used Zipp wheels.
Zipp recently announced that the Astana Cycling team, featuring 2009 Tour de France champion Alberto Contador, will ride on Zipp’s wheels during the 2010 cycling season.
The company currently employs 130 people.