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Crystal products maker plans expansion, 41 jobs

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St. Regis USA Inc., a manufacturer of hand-etched and hand-painted glass and crystal products, plans to expand its operations in Indianapolis, creating up to 41 new jobs by 2014, the company said Thursday.

The company, which produces glass and crystal awards, beverageware, trophies and desk accessories, plans to invest more than $4.18 million to purchase and equip a 90,000-square-foot facility on the northeast side of the city, it said.

St. Regis USA is a division of Ontario-based St. Regis International Inc. The company currently employs more than 200 workers at its facilities in the United States. The company said it has already begun hiring new production associates for its expansion.

"Logistically, Indianapolis provides us with an ideal shipping location to handle not only the lucrative Northeast market, but also reasonable shipping times and costs to the Southwest and West Coast." said Richard Firkser, president and CEO of St. Regis International, in a prepared statement.

Founded in 1999, St. Regis International also operates crystal decorating and distribution company Etching Industries Corp.

The Indiana Economic Development Corp. offered St. Regis Crystal up to $200,000 in performance-based tax credits and up to $35,000 in training grants based on the company's job-creation plans. The city of Indianapolis granted additional property-tax abatement.

 

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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