Governor Mike Pence joined executives from Adkev, Inc., an injection and insert molding manufacturer, to announce plans to expand its operations in Monticello, Indiana, creating up to 60 new jobs by 2016.
The homegrown-Hoosier company will invest $11 million to expand, renovate and equip its existing 183,000 square-foot facility in Monticello, adding 40,000 square feet of manufacturing space. The expansion, which began in October, will include the installation of new injection molding machines, doubling Adkev's production capacity.
"Indiana is leading the charge in the national race to win manufacturing jobs," said Pence. "With a laser sharp focus on building Indiana into the best place in the world to start or grow a business, we take great pride in offering homegrown-Indiana companies like Adkev a climate conducive to creating more Hoosier jobs. From our low taxes to our knowledgeable workforce, Indiana is a state that works for manufacturing."
This expansion follows a trend of growth for Adkev. In July 2006, the company made plans to invest $1 million into its nearby Goodland, Ind. headquarters facility, creating 39 new jobs. The company then began production at its new Monticello facility in January 2007.
Adkev, which currently employs 315 full-time Indiana associates, including 85 Hoosiers in Monticello, plans to begin hiring production technicians, quality auditors, machine setup technicians, supervisors, quality engineers and customer service representatives to coincide with renovation completions.
"Adkev's growth is in response to everyone's hard work to continuously meet our customers' demand and constantly improve our delivery, quality and customer support," said Jeremy Kyser, plant manager at Adkev's Monticello facility. "Our customers are rewarding our efforts by giving us more work. While Monticello, Ind. was one option for expansion, our corporate team was also being asked regularly to consider opening up new facilities in Tennessee, Alabama and Mexico. With the support of our local and state officials and suppliers such as NIPSCO, we are successfully finding opportunities to improve our competitiveness and continue to grow in Indiana."
Founded in 1987 by Gary and Cathy Rheude, Adkev provides custom injection molding, insert molding and value-added assembly services to the automotive, appliance and electrical industries. The company, which is a tier 2 supplier to most automotive original equipment manufacturers, produces HVAC and interior and exterior car components, as well as coil windings used in light ballast assemblies across the country.
The Indiana Economic Development Corporation offered Adkev, Inc. up to $300,000 in conditional tax credits and up to $50,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. White County approved additional tax abatement at the request of the White County Economic Development Organization, Inc.
"The city of Monticello and White County are very excited about the planned expansion of Adkev's injection molding facility here," said White County Commissioner John Heimlich. "Since its move to Monticello seven years ago, Adkev has become a key member of our manufacturing community. The quality jobs this expansion will create are crucial to the continued growth of our manufacturing base."
Advanced manufacturing companies are experiencing substantial growth in the Hoosier State. Led by the automotive and drug manufacturing industries, Indiana ranks first in the nation in manufacturing jobs as a percentage of all jobs, as well as first among all states in manufacturing as a share of economic output, comprising 28 percent of Indiana's economy.
About Adkev
Adkev is an injection and insert molder located midway between Indianapolis and Chicago in Goodland, Ind. Our three modern facilities span a total of 340,000 square feet and include over 300 first class team members.
We are a totally integrated operation. We pride ourselves in meeting any quality challenge. Adkev is a TS 16949 company dedicated to rigorous quality standards in every realm of our customer service. For more information, visit www.adkev.com.
About IEDC
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.