Statement as issued Friday by the Indiana Economic Development Corporation:
COLUMBIA CITY, Ind. (July 19, 2013) – Novae Corporation, a manufacturer of utility trailers, today announced the company's expansion of its operations here. In 2010, the company committed to create up to 20 jobs by 2013 and has exceeded that goal.
The homegrown-Hoosier company committed in May of 2010 to invest $686,000 to purchase, redevelop and equip a 150,000 square-foot facility located at 643 W. Ellsworth Street in Columbia City. The company has since invested more than $1 million into its Columbia City operations. As part of the project, the company increased production space for its growing trailer, lawn and agricultural product divisions by 105,000 square feet.
"Indiana's economy continues to grow because of our state's experience in building high-quality products for receptive markets," said Eric Doden, president of the Indiana Economic Development Corporation. "With our skilled workforce, low taxes and pro-growth policies, manufacturing companies like Novae stand out in their industry in part because they have chosen to operate in Indiana, a state that works for business."
The company currently has approximately 350 associates in Indiana employed across its Columbia City, North Manchester and Markle facilities.
"We decided to expand our Columbia City operations to take advantage of the excellent business climate in Columbia City and Whitley County," said Steve Bermes, president of Novae. "We found an experienced and capable workforce in the area and the city, county and state are always eager to help."
Founded in 1995, Novae designs and manufactures utility trailers and related accessories for customers such as homeowners, construction and landscaping companies and racing teams. The company's three product lines include Sure-Trac® utility trailers, Cardinal farm products and Novae® lawn care products. Inc. Magazine has included Novae annually since 2006 on its list of the fastest growing private companies in the country. Novae's recent growth was accelerated by its acquisition of Columbia City-based Cardinal Grain, which produces grain handling and bulk material handling systems.
The Indiana Economic Development Corporation offered Novae Corporation up to $100,000 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. Whitley County and Columbia City approved additional incentives at the request of the Whitley County Economic Development Corporation.
"Local leaders worked together for more than twelve months to identify how best to encourage the redevelopment of this manufacturing facility," said Columbia City Mayor Ryan Daniel. "On behalf of the current and previous administrations, I am pleased to celebrate the culmination of this project and look forward to supporting the company's success."
Novae joins a long list of manufacturing companies that are expanding operations in the Hoosier State. Earlier this week, Delta Faucet Company announced plans to add 160 new jobs in Indiana, investing approximately $12 million into its Greensburg production facility.
Novae Corp. is a dynamic growth company focused on developing a strong, professional, and collaborative organization with the mission to create value for everyone involved in our business. As a manufacturer of utility trailers, agricultural equipment and commercial lawn care equipment, we remain true to our core values of quality, innovation, integrity and commitment, delivering great products and outstanding service.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.