Statement issued Wednesday by the Indiana Economic Development Corp.:
WARSAW, Ind. (July 20, 2011) - Winona PVD Coatings, LLC, a provider of bright finish coatings to the automotive wheel industry, announced plans today to expand its operations here, creating up to 70 new jobs by 2012.
The company, which coats 240,000 wheels per year using its non-hazardous G-Chrome finish, will invest $9.16 million in process equipment over the next 12 months to increase production capabilities to 960,000 wheels per year.
“We appreciate Winona PVD’s continued investment in Indiana and the Warsaw community,” said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. “Its expansion as a home-grown business reflects a growing confidence in the business climate of our state.”
Founded in 2007, Winona PVD currently employs approximately 35 full-time workers at its Warsaw headquarters, the first large-scale, North American physical vapor deposition (PVD) coating facility for wheels. The company plans to hire the additional 70 employees, beginning later this year, to coincide with this expansion.
“When it came time to decide on a location for our expansion, Indiana proved to be the best choice,” said Jamie Visker, chief executive officer of Winona PVD Coatings. “Between access to a skilled labor force and attractive economic development incentive packages, the city of Warsaw, Kosciusko County and the state of Indiana had a lot to offer. The city, county and state provided a coordinated effort from the beginning and has aggressively worked with and supported Winona PVD in order to advance our expansion.”
The Indiana Economic Development Corporation offered Winona PVD Coatings up to $525,000 in performance-based tax credits based on the company’s job creation plans. The Warsaw City Council initially approved tax increment financing (TIF) bonds at the request of the Kosciusko County Economic Development Partnership.
“Winona PVD is our poster child for a recovering American economy,” said George Robertson, executive director of the Kosciusko Economic Development Corporation. “Using technological innovation and state-of-the-art manufacturing, it is producing a superior product in quality, value and environmental safety. Every job the company adds means one more great job in Indiana and America.”
The Winona PVD expansion is the latest in a series of job announcements in the automotive industry in Indiana. Last week, One Solution Logistics announced plans to expand its Greensburg plant, adding up to 191 jobs by 2012. Also last month, General Motors announced plans to expand its Bedford facility, adding up to 58 jobs by 2013.
About Winona PVD Coatings
Founded in 2007 in Warsaw, Ind., Winona PVD Coatings provides an environmentally-friendly alternative to chrome plating to the original equipment wheel industry and the aftermarket wheel suppliers. Its unique G-Chrome process provides a beautiful wheel finish that is more durable, adds less weight to the wheel, costs less than the traditional chrome plating process and will not pit or peel. For more information about Winona PVD Coatings, visit www.g-chrome.com.
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. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.