A manufacturer for the boating and recreational vehicle industries plans to establish operations in the northern Indiana town of Bourbon, investing nearly $4 million in a facility and creating up to 198 jobs by 2019.
Indiana Composites, a fledgling maker of fiberglass components for the boating, RV and specialty vehicle markets, intends to buy, renovate and equip a 75,000-square-foot facility in Bourbon known as the Reynolds Building, officials announced Tuesday.
With construction to begin this month, Indiana Composites expects to begin some manufacturing operations this spring and to be fully operational by early 2017.
The newly formed company is a subsidiary of Angola-based IMP Holdings, which produces dashes, panels and wiring harnesses for boat manufacturers including Bennington, Brunswick and High Water Marine. Due to strong growth in the marine industry, IMP created Indiana Composites to expand its services to a new customer base that includes makers of land vehicles.
The company expects to begin hiring fiberglass technicians this month. The firm says it will pay wages above the average for Marshall County, which is $664 per week, or $16.60 per hour.
The Indiana Economic Development Corp. has offered the company up to $1 million in tax credits and $40,000 in training grants based on its job-creation plans. The tax credits are conditional, meaning they cannot be claimed until employees are hired.