Times Reports Emerson Power Transmission Granted Tax Credits for Investment in Valparaiso
From the Northwest Indiana Times:
Emerson Power Transmission Corp. plans to renovate and equip its engineering research and development lab in Valparaiso as part of a $1.87 million investment there.
The move, which the company expects will add up to seven new jobs by the end of the year, was announced Thursday morning by the Indiana Economic Development Corp.
The Florence, Ky.-based company manufactures bearings and power transmission components. It currently operates a 158,000-square-foot facility in Valparaiso and plans the renovations at its 20,000-square-foot facility there.
"The new engineering lab in Valparaiso will enable us to consolidate several labs throughout the United States," said Jim Porter, vice president of worldwide engineering for Emerson Power Transmission, in a statement issued Thursday. "... Having a consolidated lab will make it more cost efficient to upgrade our facilities now and in the future."
"We're so pleased the Emerson has chosen Valparaiso for its upcoming consolidation and expansion project," said Valparaiso Mayor Jon Costas. "It's gratifying to see local commitment to Valparaiso, adding new jobs and new ideas."
The IEDC offered Emerson up to $70,000 in conditional tax credits based on the company's job creation plans. The tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim the incentives.