A joint venture of two Japanese companies announced on Wednesday that it plans to invest $57 million to double the size of its Boone County factory to 250,000 square feet, a move that's expected to create up to 103 jobs by 2020.
Fukai Toyotetsu Indiana Corp., owned by Fukai Mfg. Co., Ltd. and Toyotetsu, makes steel frames and other parts, primarily for its largest customer, the 5,500-worker Subaru of Indiana car plant in Lafayette.
The joint venture, launched in 2014, operates its plant at 1100 N. Lebanon St. in Jamestown, which straddles the Boone and Hendricks county lines. The factory next spring plans to ramp up hiring. It will be seeking applicants with expertise in welding, stamping, quality assurance, machine maintenance, die maintenance, conveyance and engineering.
Fukai is one of more than 500 auto suppliers in Indiana, many of which serve the booming Subaru plant, which last year wrapped up a $1.4 billion expansion thad added 1,400 workers. Another Subaru supplier, Japan-based ELSA Corp. late last year announced a $111 million, 114-job expansion of its Madison County factory.
"Indiana is home to the highest concentration of manufacturing jobs in the country, and the impact of Subaru's historic investment in Lafayette is benefiting Hoosier companies across the state," Indiana Secretary of Commerce Jim Schellinger said in a statement.
The Indiana Economic Development Corp. offered Fukai up to $900,000 in tax credits and $200,000 in training grants based on the company’s job-creation plans. The incentives are performance based, meaning the company can't claim them until workers are hired. Jamestown and Boone County will consider additional incentives at the request of the Boone County Economic Development Corp.