INDIANAPOLIS, (Sept. 5, 2008) - Ingersoll Rand Security Technologies announced today it will expand its manufacturing operations here, creating 40 new jobs by 2011.
The company, a manufacturer of door exit devices including panic release bars and electronic security products, will invest more than $6.1 million to upgrade equipment at its 2720 Tobey Drive Facility on the city's east side.
"More and more companies are recognizing that Indiana is a great place to do business, and we're glad Ingersoll Rand selected Indiana for this expansion," said Governor Mitch Daniels.
Ingersoll Rand currently employs more than 530 associates at its Indianapolis facility and plans to begin hiring additional associates this fall to manufacture Monarch brand exit devices.
"Indianapolis has been an excellent location for our business since its founding in 1908," said Ingersoll Rand Plant Manager John Schostek. "Ingersoll Rand has invested heavily in the Indianapolis plant to create a world-class exit device manufacturing facility. Integrating the Monarch brand exit device production into Indianapolis allows us to leverage this investment and provide a solid foundation for future growth."
Originally founded in downtown Indianapolis in 1908 as Von Duprin, the company manufactured the world's first panic-release bar in response to the catastrophic fire at Chicago's Iroquois Theater. More than 100 years later, the company has grown to become a global leader in the manufacture of exit devices and access control technologies.
The Indiana Economic Development Corporation offered Ingersoll Rand up to $200,000 in performance-based tax credits and up to $90,000 in training grants based on the company's job creation plans. The Indianapolis will provide property tax abatement at the request of Indianapolis Economic Development, Inc.
"Indianapolis is fortunate to have companies like Ingersoll Rand Security Technologies call it home," said Mayor Greg Ballard. "Their decision to expand is not only a testament to their global success, but it is testament to the great business environment we have created in Indianapolis. They could have moved their operations anywhere, but they chose to stay in their hometown."
Ingersoll Rand's expansion in Indiana comes only months after from global economic development firm Development Counsellors International ranked Indiana tenth in a survey of the nation's best states for doing business. The accolade, which follows CNBC naming Indiana the "most improved state for business in 2008", marks the first time in history the state finished in the top 10 of the annual survey of states.
About Ingersoll Rand Security Technologies
Ingersoll Rand's Security Technologies is a leading global provider of products and services that make environments safe, secure and productive. The sector's market-leading products include electronic and biometric access control systems, locks and locksets, door closers, floor closers, exit devices, steel doors and frames, portable security devices, decorative hardware, cabinet hardware and time, and attendance and personnel scheduling systems. For more information about Von Duprin and other leading Ingersoll Rand brands visit www.vonduprin.com.
About IEDC
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Indiana Secretary of Commerce Nathan Feltman serves as the chief executive officer of the IEDC. Since Daniels created the IEDC, the state has posted three consecutive years of record-breaking job creation. For more information about IEDC, visit www.iedc.in.gov.
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Media Contacts:
Paul Dickard (Ingersoll Rand) - 201.573.3120 or paul_dickard@irco.com
Mitch Frazier (IEDC) - 317.232.8873 or MFrazier@iedc.in.gov
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