“With nearly 141,000 jobs added in just the last three years, Indiana’s economy is operating at its peak,” said Victor Smith, Indiana Secretary of Commerce. “The state’s pro-growth business climate and rich history of manufacturing make Indiana an ideal location for Precision Products Group’s new headquarters and growing manufacturing operations. Despite a world of options, companies like Precision Products Group continue to choose Indiana for job creation because we are a state that works.”
The company, which owns several manufacturers specializing in small diameter specialty shaped tube products, will move its headquarters this month into a 3,402-square-foot office at 10201 N. Illinois St. in Carmel, which will initially house seven employees with plans to grow. The company will also install manufacturing equipment from its Maryland facilities into operations of its Fort Wayne subsidiaries, Paramount Tube and Aardvark Straws, which operate at both 1430 Progress Road and 2701 S. Coliseum Blvd. Precision Products Group plans to have production completely transferred to its Fort Wayne facilities, which together cover 55,400 square feet, by the end of the summer.
“Expanding our production facilities in Fort Wayne has positioned us to reach a new segment of customers while allowing us to provide innovative solutions to our existing clientele,” said David Hooe, president and chief executive officer of Precision Products Group. “Relocating our corporate office to Carmel provides a centralized location with a strong talent pool and cost effective environment.”
Between its new headquarters and manufacturing subsidiaries, Precision Products Group plans to create up to 18 new high-wage jobs by 2017. The company, which currently employs more than 150 employees, including about 60 in Indiana, is now hiring for sales positions at its Carmel office and engineering and quality control positions at its Fort Wayne facilities. Positions are expected to pay an average wage nearly double the state’s average. Interested applicants may apply by sending resume to email@example.com.
"We are pleased to welcome Precision Products Group to our growing list of more than 100 corporate headquarters in Carmel, doing business around the world, the country and here in Indiana,” said Carmel Mayor Jim Brainard. “Carmel has worked hard to provide a first-class environment for successful businesses and a high quality of life for an executive workforce. This is good news for our city and for all of central Indiana and we look forward to watching Precision Products Group grow and succeed."
Founded in 1990, Precision Products Groups serves more than 1,300 customers, with facilities located in Indiana, Ohio and China. Its two Indiana subsidiaries - Paramount Tube and Aardvark Straws – have together operated in Indiana for more than 25 years.
Paramount Tube, the company’s largest subsidiary, manufactures a variety of tubes for the electrical, medical, packaging and aerospace industries, including tubes for transformers and motors. Its other Indiana subsidiary, Aardvark Straws, is the only U.S.-based manufacturer of paper straws, which are sold internationally through its website, restaurants and food distributors. Products produced by both subsidiaries are highly customizable, with Aardvark Straws sold featuring designs of NFL and NCAA teams.
“Fort Wayne continues to be a leader in job growth and economic development opportunities,” said Fort Wayne Mayor Tom Henry. “Companies like Precision Products Group assist us in our efforts to make meaningful investments and provide the quality of life amenities to attract and retain businesses.”
The Indiana Economic Development Corporation offered Precision Products Group Inc. up to $252,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Carmel supports the project and the city of Fort Wayne will consider additional incentives at the request of Greater Fort Wayne Inc.
Precision Products Group joins a long list of companies from across the nation that are choosing to move their operations to Indiana. Just last year, companies such as Appirio, Hoist Liftruck, Grafcor, Mediaura, ShaLee Oils, Tradebe Environmental Services, Franklin Well Services, D.A. Inc., T&B Tube and Jason Finishing Group announced plans to relocate their operations to Indiana, with plans to together create nearly 1,100 new Hoosier jobs in the coming years.
About Precision Products Group
Precision Products Group Inc. is the parent company for a fast-growing family of leading manufacturers of precision tube products for automotive, electrical insulation, medical and pharmaceutical, specialty packaging and many other industrial and consumer products.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, focusing on helping companies grow in and locate to the state. Governed by a 12-member board chaired by Governor Mike Pence, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, public infrastructure assistance and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.