Panic-bar maker plans 40-person expansion

Locally based Ingersoll Rand Security Technologies plans to expand its east side manufacturing operations, creating 40 jobs, the Indiana Economic Development Corp. announced this morning.

The 100-year-old company makes panic release bars and electronic security products for exits. It will invest $6.1 million to upgrade equipment at its Tobey Drive plant, which already employs 530.

The state offered Ingersoll Rand as much as $200,000 in performance-based tax credits and up to $90,000 in training grants. Indianapolis is also considering a property tax abatement for the company.

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