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Ohio manufacturer expanding in northeast Indiana

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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.

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  1. 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.

  2. If you only knew....

  3. 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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