FRANKLIN, Ind. (June 10, 2013) – NSK Corporation and NSK Precision America, Inc. announced plans today to expand operations, creating up to 46 new jobs by 2016.
The companies, which are subsidiaries of Japan-based NSK Ltd., will invest $30.2 million to equip and renovate two facilities on their 63-acre campus in Franklin. The 160,000 and 75,000 square-foot facilities will house additional taper rolling bearing lines, linear motion production equipment and building improvements for production, which are expected to be complete by 2016.
“Manufacturing remains a powerhouse of Indiana’s economy, sparking new investments in our state,” said Victor Smith, Indiana Secretary of Commerce. “NSK’s growth in Johnson County signifies that companies across the globe recognize that Indiana’s strong workforce, low-tax policies and convenient location make it a state that works for manufacturing.”
NSK, which currently has 400 full-time employees in Franklin and more than 2,400 employees nationally, plans to begin hiring machine operators, manufacturing associates, engineers and quality control associates in October.
“NSK has been manufacturing in Franklin, Ind. successfully for more than 20 years,” said Brian Lindsay, chief executive officer of NSK Americas. “I am delighted that we are still able to grow and develop new technologies and processes here in Franklin where we find a willing and qualified workforce together with extremely supportive state and local governments. We are very grateful for this opportunity, which helps us justify this investment and the creation of new jobs over the next three years.”
NSK manufactures and supplies roller bearings, ball bearings, precision ground ball screws and other automotive components for the industrial and automotive industries. With additional facilities in Iowa, Michigan, Vermont and Tennessee, NSK’s U.S. presence serves more than 3,500 customers in 100 different industries and 30 different countries.
The Indiana Economic Development Corporation offered NSK Corporation and NSK Precision America, Inc. up to $225,000 in conditional tax credits and up to $100,000 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 Franklin will consider additional tax abatement at the request of the Johnson County Development Corporation.
“The commitment from NSK to the city of Franklin is tremendous and greatly appreciated,” said Franklin Mayor Joe McGuinness. “They have provided countless opportunities for the residents of Franklin and have been a great partner for future growth within our community.”
NSK’s expansion in Franklin is the latest example of Japan’s continued investment in Indiana. Since the creation of the IEDC in 2005, Toyota Motor Manufacturing, Subaru of Indiana, Greenville Technology and KYB Manufacturing are just some of the more than 75 Japan-based companies that have made the decision to expand or relocate in the Hoosier State, accounting for more than 9,300 projected new jobs and more than $4 billion in capital investment.
Established in 1916 and headquartered in Tokyo, Japan, NSK is a world-class manufacturer of motion and control products, leading the industry with superior quality, engineering research and technical innovation. NSK produces and distributes a wide range of rolling element bearings, linear motion and automotive component products for a variety of applications.
Operating in the Americas, NSK Corporation is a member of the NSK Ltd. group and is headquartered in Ann Arbor, Michigan. NSK Corporation has a network of sales and engineering teams working in partnership with customers to deliver high performance products, application-specific solutions, superior technical support and exceptional service to the Americas market. The company’s strategically located manufacturing and distribution centers supply both original equipment manufacturers and the industrial aftermarket through a broad distribution network. For more information, visit www.nskamericas.com.
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
Christopher Swartwout (NSK) – 317.738.5007 or firstname.lastname@example.org
Katelyn Hancock (IEDC) – 317.234.2294 or email@example.com