BOURBON, Ind. (April 12, 2016) – Indiana Composites, a manufacturer of fiberglass components for the marine, RV and specialty vehicle markets, announced plans today to establish operations here, creating up to 198 new jobs by 2019.
“When you think of RVs, you think of northern Indiana – the RV Capital of the World,” said Jim Schellinger, president of the Indiana Economic Development Corporation. “As home to the nation’s highest concentration of manufacturing jobs, Hoosiers are producing parts and assembling RVs, which are then shipped across the country and around the world. As the newest member of our state’s RV supply chain, Indiana Composites is investing in the future of Indiana’s economy and in our hardworking, skilled Hoosier workforce.”
Indiana Composites is a new venture and a wholly owned subsidiary of Angola, Indiana-based IMP Holdings, which dates back to mid-1980 as Indiana Marine Products. IMP Holdings produces dashes, panels and wiring harnesses for boat manufacturers including Bennington, Brunswick, High Water Marine, Rinker and Smoker Craft. Due to strong growth in the marine industry, IMP Holdings has established Indiana Composites to manufacture composites for its marine business and to expand its services to new customers in marine, RV, specialty vehicle and medical industries throughout the Michiana region.
Indiana Composites will invest $3.95 million to locate its operations in Bourbon, purchasing, renovating and equipping a 75,000-square-foot facility on Center Street. Known as the Reynold’s Building, the facility has been vacant for several years. With construction expected to begin this month, Indiana Composites expects to begin some manufacturing operations this spring and to be fully operational by early 2017.
“Indiana Composites will adopt IMP Holdings’ values of customer-focused quality at the front of the process and respect for all associates in order to satisfy its customers,” said Michael Peters, chief executive officer of IMP Holdings and Indiana Composites. “By utilizing a well-trained workforce, state-of-the-art technology, and well-defined processes, we aim to deliver high quality parts to the customer the first time.”
The company expects to begin hiring fiberglass technicians this month. New positions are expected to offer average salaries above the Marshall County average wage. Interested applicants can apply by contacting Steve Howard, business manager at Indiana Composites, via email or phone at 574.529.1508.
“Indiana Composites’ decision to invest in Bourbon speaks well to our community’s dedicated workforce and the opportunities for businesses across Marshall County,” said Kevin Overmyer, president of the Marshall County Commissioners. “The support to bring this project to fruition has been outstanding, and I’m glad that the Town of Bourbon is part of this company’s growth in Indiana.”
Indiana is home to the highest concentration of private sector manufacturing jobs in the country, including a global RV industry which produces more than 80 percent of the world’s RVs. The RV industry shipped 35,929 units in February alone, which is a 12 percent increase over the year and the industry’s highest-producing February in the past 39 years.
The Indiana Economic Development Corporation offered Indiana Composites up to $1,000,000 in conditional tax credits and up to $40,000 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 town of Bourbon will consider additional incentives at the request of the Marshall County Economic Development Corporation.
Just last year, IMP Holdings announced plans to expand its operations in Indiana, investing $1.5 million to renovate its existing 55,000-square-foot facility and to purchase another 38,000-square-foot building in Angola. As part of these growth plans, IMP Holdings plans to create an additional 40 new jobs by 2018.
About Indiana Composites
Indiana Composites LLC is a manufacturer of open and closed molded fiberglass components for the marine, RV and specialty vehicle markets. This new venture is a wholly owned subsidiary of IMP Holdings LLC, which manufactures panels, dash assemblies and wiring harness and provides integrated assemblies for the marine industry.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, focusing on helping companies grow in and locate to the state. Governed by a 12-member board chaired by Governor Mike Pence, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.