CAMPBELLSBURG — Parts manufacturer NetShape Technologies said Tuesday it will consolidate part of its operations here, creating up to 63 new jobs by 2014.
The company will invest $7.8 million to expand and equip its southern Indiana plant to handle additional CNC press lines resulting from the consolidation of work from Illinois, one of several to do so in the last couple of years.
NetShape Technologies engineers precision powder metal and metal injected molded components for numerous industrial applications including off-highway equipment, power generation and control, automotive, heavy truck, defense and medical devices, according to a press release from Gov. Mitch Daniels’ office.
“In a town of 500, an expansion like this gives the whole community reason to celebrate,” Daniels said in Campbellsburg, a small town in Washington County southwest of Vallonia.
“Thanks to all of the hard-working people in Campbellsburg for proving to NetShape there is no better place to grow a business.”
Owned by Saw Mill Capital Partners LLC, NetShape has more than 600 employees in three operating facilities in the U.S. Midwest and one in China. The company began in Campbellsburg in 1976 and is headquartered in Sellersburg.
“NetShape has been focused on managing growth in our existing markets while developing new markets for powder metal technology like renewable energy,” Lance Harris, NetShape chief executive officer, said Tuesday.
“Beyond major advances into the renewable energy market, we are working with major global companies in the development of more efficient power systems used in off-highway equipment and heavy truck markets,” Harris added. “Our success in leveraging our technology to improve the performance of our customers’ products has put the company on a significant growth path.”
The company expects to hire approximately half of the new production positions by the end of the year and phase in the remainder over the next four years as production continues to grow.
Interested candidates may apply for a job at www.WorkOneRegion10.com.
Indiana Economic Development Corp. offered NetShape up to $360,000 in performance-based tax credits based on the company’s job creation plans.
Campbellsburg Town Council has granted property tax abatement for the expansion and will consider additional property tax abatement in the future at the request of the company and the Washington County Economic Growth Partnership.