New Albany, Ind. — Toyoda Gosei Co., Ltd., through its subsidiary TG Missouri Corporation, announced its intention to expand its Southern Indiana presence with a re-purposed manufacturing facility in New Albany.
TG Missouri Corporation is a global leader in producing a wide range of products for a comfortable vehicle interior, including instrument panels, console boxes, exterior products, such as radiator grilles, that have a large impact on vehicle design and safety systems. The company will also continue to operate its existing facility at 5331 Foundation Boulevard in New Albany.
The expansion includes approximately $19 million of investments for land, building, and improvements, as well as new machinery and equipment.
The facility will provide more than 50,000 sq. ft. of manufacturing space and will result in the addition of 150 full-time employees over three years, doubling the company’s current Southern Indiana workforce. TG Missouri Corporation will install forming machines, painting equipment, and other equipment in the building located at 5102 Barack Obama Way in New Albany.
By expanding the use of the latest energy-saving molding equipment, the facility will carry out efficient and environmentally friendly manufacturing while also further developing Toyoda Gosei’s production network in the key North American market.
The Indiana Economic Development Corporation (IEDC) is offering TG Missouri Corporation up to $900,000 in Economic Development for a Growing Economy (EDGE) tax credits which may be certified over a period of up to eight years.
The IEDC also offered the company a non-refundable tax credit under the Hoosier Business Investment (HBI) Tax Credit program equal to the lesser of 5% of the company’s qualified investment made on or before December 31, 2023, or $400,000. These incentives are based on the expected creation of 150 net new full-time positions by the year 2023 for eligible Hoosiers.
The company will be seeking real and personal property tax abatements, which allow it to phase in its increased property taxes over time. The tax abatements offer the company an estimated savings of $400, 697 over the next 10 years.
The New Albany City Council is scheduled to vote on final approval of the company’s local incentives on Thursday, September 16th with the project contingent upon the council’s approval.
About TG Missouri Corporation
TG Missouri Corporation, a division of Toyoda Gosei, provides interior and exterior products, including trim parts, instrument panel parts, and consoles, and safety systems for the automotive industry.
Toyoda Gosei is a leading global manufacturer of rubber and plastic automotive components, safety systems, and LEDs. With a network of 64 group companies in 17 countries and regions, the Toyoda Gosei Group brings its extensive range of products to customers all over the world. In North America, Toyoda Gosei has more than 30 years of proven excellence in automotive manufacturing. Learn more at www.toyodagosei.com.
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