A manufacturer of small-diameter specialty shaped tube products plans to move its headquarters from College Park, Maryland, to Carmel, state economic development officials announced Wednesday.
Precision Products Group Inc. is set to move its corporate office this month into a 3,402-square-foot space at 10201 N. Illinois St. The headquarters will initially have seven employees but company officials expect it to grow.
Precision Products also plans to move its manufacturing operations in Maryland to Fort Wayne, where it operates subsidiaries Paramount Tube and Aardvark Straws. The move will boost employment in Fort Wayne by about 11 workers by the end of summer.
“Expanding our production facilities in Fort Wayne has positioned us to reach a new segment of customers while allowing us to provide innovative solutions to our existing clientele,” said Precision Products CEO David Hooe in a written statement. “Relocating our corporate office to Carmel provides a centralized location with a strong talent pool and cost effective environment.”
Precision Products, founded in 1990, has more than 150 employees in Maryland, Ohio, Indiana and China, including about 60 in Indiana. It plans to hire for sales positions in Carmel, and for engineering and quality-control positions in Fort Wayne.
Wages for the positions are expected to be more than double the state’s average of about $45,000 per year.
Paramount Tube is Precision Products’ largest subsidiary. It manufactures tubes for the electrical, medical, packaging and aerospace industries. Aardvark Straws is the only U.S.-based manufacturer of paper straws.
The Indiana Economic Development Corp. offered Precision Products up to $252,000 in tax credits that hinge on the company’s ability to meet job-creation goals. Fort Wayne will consider additional incentives.