A Jasper-based firm that remanufactures engines plans to invest $6.9 million in a facility for its transmission division, hiring 235 workers by 2017.
Jasper Engine & Transmission Exchange expects to buy, renovate and equip a 220,000-square-foot plant near its 367,000-square-foot headquarters in the Indiana city about 120 miles southwest of Indianapolis, the firm announced Wednesday.
The additional facility will house the company’s transmission division and is expected to be operational this fall. The firm already has begun hiring additional manufacturing, maintenance, infotech, and engineering workers.
The Indiana Economic Development Corp. has pledged up to $1.15 million in tax credits and up to $200,000 in training grants based on the firm’s job-creation plans. The tax credits are conditional, meaning they can’t be claimed by the firm until workers are hired.
The city of Jasper will consider a property tax abatement for the project, according to the IEDC.
Founded in Jasper in 1942, Jasper Engines & Transmission is a remanufacturer of drivetrain components, producing more than 141,474 gas and diesel engines, transmissions and differentials last year alone.
It currently employs more than 2,600 associates throughout the United States, including more than 1,445 in Indiana.