(SPRINGVILLE) PRD Inc., an injection molding and assembly manufacturer, announced plans Friday to expand its operations in Springville.
In 2012, the company committed to create up to eight jobs by 2015 and has exceeded that goal, adding more than 20 net new jobs as of June 2013.
PRD committed in December of 2012 to invest $3 million to equip its 60,000 square-foot facility in Lawrence County. As part of the project, the company purchased 13 pieces of new equipment that will allow PRD to produce new products including automotive and industrial lighting with LED technology.
"Indiana's manufacturing industry continues to fuel our economy, spurred by our low tax rates and supportive business environment," said Lt. Governor Sue Ellspermann. "During my visit to PRD's facility today, I was impressed with the company's injection molding process and its talented workforce. I look forward to witnessing what's around the corner for PRD as the company illustrates the benefits of doing business in southern Indiana."
The company, which currently employs more than 110 Hoosiers in Springville, plans to continue hiring production operators and technical associates this year.
"We're experiencing robust growth here at PRD, with associates who take pride in the efficient production of quality products," said John Passanisi, president of PRD. "We appreciate that Indiana and Lawrence County are spectacular places to do business, with state and local leaders understanding what it takes to grow and thrive in the marketplace."
Founded in 1979, PRD produces plastic parts for tier one and two automotive suppliers, as well as industrial, medical, business equipment, electronic and military clients. The company currently holds the following quality and environmental certifications: ISO-TS 16949, ISO 14001, ISO 9001, Ford Q1 AND ITAR.
The Indiana Economic Development Corporation offered PRD, Inc. up to $40,000 in training grants based on the company's job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. Lawrence County approved additional tax abatement at the request of the Lawrence County Economic Growth Council.
"The county has on several occasions granted PRD tax abatement and we are very excited about its recent growth as well," said Gene McCracken, president of the Lawrence County Council. "Its president, John Passanisi, has been a great help in providing jobs for this community and we greatly appreciate PRD and the work its employees have done in growing our local economy."
Indiana was reported to have the highest levels of manufacturing productivity among Midwestern states and exceeded the national average, according to the 2013 Manufacturing and Logistics Report Card published by Conexus Indiana. The study stated that Indiana's manufacturing sector has recovered faster than the national average, with the manufacturing output growing by $1.8 billion from 2005 to 2011.
Since 1979, PRD has been a tight tolerance custom injection molder serving global customers. We are a privately held non-union and centrally located manufacturer that continues to be a sound financial and technical leader providing innovation within our markets served. As a division of specialty manufacturers we offer a full complement of injection molding and related tool building capabilities.
PRD partners with our customers matching their application requirements with the appropriate mix of domestic or off shore tooling. We provide a complete range of straight injection and insert molding from 20 to 390 tons. PRD molds a vast array of engineered resins that support our capabilities of decorative and fully functional components.
We serve multiple markets and niche applications within those markets. Key markets PRD supports are automotive, industrial, electronics, government and medical. We have partnered with our customers to become a leader in automotive and municipal lighting, industrial sound dampening, decorative automotive interior and exterior components and medical devices to name just a few. For more information about PRD, visit www.prd-inc.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.
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