The C7 Corvette continues to produce more good economic news every day, it seems.
For example, the company chosen to produce the exterior body panels and structural composite components for the highly anticipated new Corvette announced today it will expand its operations in Huntington, Indiana, creating up to 50 new jobs by 2015.
Continental Structural Plastics, based out of Michigan, says it is investing $6.3 million to renovate and equip its 203,000-square-foot facility in Huntington to allow a new production line for the 2015 Corvette model body panels.
CSP says the renovated facility will be up and running by spring 2013, just in time for the seventh generation Corvette that is expected to ramp up production in the third quarter of next year.
“CSP’s growth reflects the proven strength of the Hoosier State’s automotive industry, a sector hard hit by the sluggish national economy,” says Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. “However, the industry is on the rebound with Indiana leading the recovery thanks to our work in preserving a low-tax, pro-business environment.”
CSP already has 286 full-time workers in Huntington where it currently manufactures products for other General Motors and Ford vehicles. The company has already started hiring more production, logistics, engineering, and administrative workers.
Frank Macher, CEO, says the company is very proud of the accomplishments of the Huntington facility. “Much has been achieved since our start-up three years ago,” he said. “The partnership we have with the state of Indiana and city of Huntington has been remarkable. The business friendly policies and low-tax environment have made continued investment in our Huntington plant a very easy decision. We are pleased to manufacture products for the newest model of one of America’s most iconic vehicles – the Corvette – at our Huntington facility.”
Founded in 1969, today CSP employs more than 1,890 people at six production facilities across the Midwest. The tier 1 automotive supplier specializes in compression molding and provides products and services to automotive manufacturers including Chrysler, GM, Ford and Toyota, in addition to supplying non-automotive markets.
The Indiana Economic Development Corporation offered Continental Structural Plastics, 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. The city of Huntington will consider additional property tax abatement at the request of Huntington County Economic Development.
“CSP has made a huge impact in our city in a very short period of time as one of our newest and largest employers,” said Huntington Mayor Brooks Fetter. “It’s an honor for me to serve as mayor of the city which produces the bodies for the Chevy Corvette and other well known cars like Lincoln MK S and parts for Chevy Volt. I am very proud of the team at CSP and really appreciate their commitment to Huntington.”
Fort Wayne Journal Gazette
Photo Credit: Associated Press