GKN Sinter Metals to invest a further $4m in US factory expansion
August 22, 2012
GKN Sinter Metals, LLC, plans to continue expansion of its Indiana site with a further investment of US$4m over the next year.
In a statement issued by the Indiana Economic Development Corporation (IEDC), GKN also plans to increase the workforce at the site to accommodate the increased production. In 2010, the company announced it would create a further 50 jobs at the site by 2013, but has already exceeded that goal by adding more than 75 new jobs (as of August 2012).
GKN committed in December 2010 to invest $3.45 million to equip its 220,000 square-foot facility in Salem. The company has since invested $7.1 million and plans to invest an additional $4 million in the next year. As part of the project, the company purchased compaction presses, sintering furnaces and automation for the furnaces and presses.
The Indiana Economic Development Corporation offered GKN Sinter Metals, LLC up to $250,000 in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans. “With its optimal location, expansive infrastructure and high quality workforce, Indiana continues to hit the mark with automotive companies around the world,” stated Indiana’s Lt. Gov. Becky Skillman.
“Our plant has had a significant turnaround in the last four years, with our location in Salem as a tremendous asset in that process,” stated Paul Cook, Director of Operations, Segment II at GKN Sinter Metals. “The result of our investment is a successful, sustainable business that is positioned well to continue to grow and prosper in Salem.”
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]
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