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Two companies set to make major local expansions

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Two companies with local operations are expected to make economic development announcements Wednesday afternoon involving the addition of hundreds of new jobs between them.

Indiana Gov. Mitch Daniels will join executives of Express Scripts Inc. on the west side of Indianapolis at 2 p.m., and officials of Zipp Speed Weaponry in Speedway at 3:30 p.m. for the announcements.

Neither company would comment on their job-creation plans before the scheduled announcements.

St. Louis-based Express Scripts arrived in the city last year after completing its $4.7 billion acquisition of Indianapolis-based WellPoint Inc.’s pharmacy benefits management business.

The deal, announced in April, made Express Scripts the second-largest pharmacy benefits manager in the United States based on prescriptions filled, ahead of CVS Caremark Corp. and behind Medco Health Solutions Inc. The NextRx unit acquired by Express Scripts dispenses and manages 265 million prescriptions each year for 25 million people.

Express Scripts’ Indianapolis operations at Indianapolis International Airport currently employ about 400 people.

Founded in 1988, Zipp Speed Weaponry was purchased in late 2007 by Chicago-based SRAM Corp. The companies design and manufacture high-end bicycle components.

Zipp maintained its headquarters on Main Street in Speedway and employed about 60 at the time of the sale.

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. They sell for about $1,300 a pair.

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