A manufacturer of vehicle steering systems will spend $7 million to create a new technology center at Exit Five Parkway in Fishers, transferring jobs out of Indianapolis and adding 64 new positions.
Thyssenkrupp Presta North America LLC, which does business as thyssenkrupp Steering, said the new 37,000-square-foot facility will house existing jobs that are currently located at Allison Pointe in Indianapolis and 64 new positions that will be added by 2020.
The steering company is a subsidiary of the $48 billion global industrial group thyssenkrupp and already has a manufacturing facility in Terre Haute and a sales and technical office in Troy, Michigan. Thyssenkrupp currently employs more than 500 people in Indiana, although it was not immediately clear how many of those workers are in Indianapolis.
Thyssenkrupp Steering plans to use the new facility to develop technologies to aid in the comfort and safety of steering as well as improve fuel economy and reduce carbon emissions for auto manufacturers. The tech center is projected to be fully operational by next spring and the company will begin hiring for engineering and research development positions at that time.
“We are proud of our ongoing partnership with Indiana and to be a new member of the Fishers Community,” thyssenkrupp Steering CEO Richard Hirschmann, said in a statement. “Fishers, with its entrepreneurial spirit, aligns strongly with thyssenkrupp’s values of ‘engineering. tomorrow. together.’ It is an ideal location to help us recruit the top talent we need to serve our customers in the ever-changing automotive industry.”
The Indiana Economic Development Corporation offered thyssenkrupp up to $950,000 in conditional tax credits and up to $200,000 in training grants based on the company’s job-creation plans. The incentives can’t be claimed until workers are hired.
Indiana Commerce Secretary Jim Schellinger said in a statement that Indiana is “home to more than 800 foreign-owned business establishments like thyssenkrupp that provide quality jobs for Hoosiers across the state.”
“Despite a world of options for its growth, thyssenkrupp chose Indiana,” he said. “And I’m confident that our pro-growth business climate and our skilled workforce will be key partners in the companies’ future success.”
Fishers is also considering incentives for the company.