LEP Special Fasteners Inc., a manufacturer of steel fasteners, plans to invest $27.6 million in expanding its operations in Frankfort, creating up to 160 jobs by 2015.
The firm, a subsidiary of Italy-based Fontana Fasteners Group, will relocate parts of its management, sales and distribution functions from Elgin, Ill., to Frankfort, and expand its existing manufacturing plant in the city by 250,000 square feet, according to company spokesperson Sabrina Caggiano.
LEP, which is based in Frankfort and currently employs 190 full-time employees in Indiana, plans to begin the hiring process for new administrative, management, sales and distribution associates in November.
The company specializes in manufacturing standard and to-print fasteners for the agricultural, transportation, construction and automotive markets. Its customers include Caterpillar Inc., Cummins Inc. and Chrysler.
The Indiana Economic Development Corp. offered LEP up to $3 million in performance-based tax credits and up to $200,000 in training grants based on the company's job creation plans. Clinton County has approved additional tax abatement.