ETS Jet Engine Stands Inc., with the assistance of One Southern Indiana, the chamber of commerce and economic development organization for Clark and Floyd counties, will appear virtually before the New Albany City Council on Thursday to discuss the possible purchase of an existing facility and request incentives.
The $1.3 million project calls for the purchase of a 7,500-square-foot facility to house fabrication of engine stands for GE, Pratt Whitney, Rolls Royce and CFM International, among others. In the future, the company intends to add a new 10,000-square-foot building onsite to accommodate the growing business.
“ETS Jet Engine Stands Inc. is excited about the possibility of setting up shop in New Albany,” said owner Todd Berger. “Having owned a similar business in Louisville, I recognize the skill, loyalty and work ethic of the Southern Indiana workforce as I’ve hired many of your residents along the way. They are your greatest resource. With quality employees, our management team’s knowledge of the industry, and the continued assistance and support of the IEDC, 1si and the City of New Albany, we anticipate the company will grow quickly.”
The Indiana Economic Development Corporation (IEDC) offered ETS Jet Engine Stands up to $250,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
“As the home of top research universities and global giants in the aerospace industry, Indiana has the right location and resources for aerospace companies like ETS Jet Engine Stands to grow and thrive,” said Indiana Secretary of Commerce Jim Schellinger. “We’re excited to welcome ETS Jet Engine Stands to Indiana and are confident the state’s high-quality workforce will contribute to the company’s success in the Hoosier state.”
Members of the New Albany City Council will have the opportunity to vote on local incentives to secure the project. The company will submit a request for real property and personal property tax abatement with total estimated savings of $79,723 over 10 years. If approved, the tax abatements will allow ETS to phase in its property taxes over time for the project’s qualifying investment.
“This is another example of how continued public investments in New Albany attracts new, high paying jobs to our city. New Albany is working to improve and invest in our schools, parks, riverfront, and infrastructure. Major companies understand that their employees want to work in areas with modern amenities, said New Albany Mayor Jeff Gahan. “I’m thrilled that ETS Jet Engine Stands, Inc. is considering adding 30 new jobs to New Albany and we are excited to assist them.”
Upon the council’s approval, ETS Jet Engine Stands, Inc., plans to relocate to the facility in the next three months. Approximately 30 new jobs will be created by the expansion and the salary for these positions is estimated to be higher than the Floyd County average.
1si President Wendy Dant Chesser said, “As a result of a referral from our partners at Louisville Forward, 1si was able to assist ETS with this great project which will help our local economy as well as add to the portfolio of businesses in the industrial parks of New Albany. 1si will continue to offer assistance to the company as they open and grow.”
About the ETS Jet Engine Stands Inc.:
ETS Jet Engine Stands Inc. is an aerospace engineering and fabrication company which primarily focuses on building jet engine stands for large commercial and military aircraft. Customers use the stands to transport, store and maintain jet engines. Between the company’s design engineer, the production manager, another former employee committed to join the Company and the owner, they have more than 100 years of experience in designing, fabricating, purchasing and/or selling these stands. For more information, visit www.jetenginestands.com.
About One Southern Indiana:
One Southern Indiana (1si) was formed in July of 2006 as the economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the Southern Indiana / Louisville metro area.
Since its inception, the organization has evolved to include a three-prong approach to serve its members and investors. Business Resources, as the chamber side of the organization, encompasses membership, signature events and programs which support and encourage business growth; Economic Development works to grow the regional economy through the attraction of new commerce and assists with retention and expansion of existing businesses; Advocacy supports businesses at the government level by engaging in the initiatives to preserve, protect and promote a business-friendly environment free of obstacles to growth and development of commerce. For more information on One Southern Indiana, visit www.1si.org.