Kokomo-based Haynes International Inc. plans a $23.5 million project to increase production at a central Indiana factory where it makes specialty metal plates and sheets for the aerospace and other industries.
Haynes anticipates adding 40 jobs to its 700-worker Kokomo plant by 2015, the Indiana Economic Development Corp. said.
Haynes CEO Mark Comerford said the investment will add about 20 percent to the Kokomo factory's capacity and improve its product quality. The company makes nickel- and cobalt-based alloys for use in many industrial applications.
The 100-year-old company said it has seen increased demand from the aerospace, chemical and natural gas industries. Haynes also is planning a $37 million expansion of an Arcadia, La., factory where it makes titanium tubing.
The IEDC offered Haynes up to $550,000 in conditional tax credits and up to $100,000 in training grants based on the company's job-creation plans. The city of Kokomo will consider additional property-tax abatement.
Kokomo Mayor Greg Goodnight said the project will help diversify Kokomo's auto industry-dominated work force.