NEW ALBANY — Toyoda Gosei Co., Ltd., through its subsidiary TG Missouri Corporation, announced Monday its intention to expand its Southern Indiana presence with a re-purposed manufacturing facility in New Albany.
TG Missouri is a global leader in producing a wide range of products for a comfortable vehicle interior, including instrument panels, console boxes, exterior products, such as radiator grilles, that have a large impact on vehicle design and safety systems. The company will also continue to operate its existing facility at 5331 Foundation Boulevard in New Albany.
The expansion includes approximately $19 million of investments for land, building and improvements, as well as new machinery and equipment. The facility will provide more than 50,000 square feet of manufacturing space and will result in the addition of 150 full-time employees over three years, doubling the company’s current Southern Indiana workforce. TG Missouri will install forming machines, painting equipment and other equipment in the building located at 5102 Barack Obama Way in New Albany.
By expanding the use of the latest energy-saving molding equipment, the facility will carry out efficient and environmentally friendly manufacturing while also further developing Toyoda Gosei’s production network in the key North American market.
“We’re very excited to expand our footprint in southern Indiana,” said Chuck Agers, senior general manager, production for TG Missouri Corporation. “Along with our existing facility in New Albany, this new plant will provide the additional production capacity to meet the increased demand we are experiencing. The State of Indiana, the City of New Albany, and One Southern Indiana have all played a vital role in creating a climate that is conducive to business. TG is a great company to work for including opportunities to grow a career and top-notch benefit offerings. We’re thrilled to expand our workforce with steady, good paying positions, and invite all interested applicants to visit www.work4tg.com to learn more.”
“Thanks to strong support from the local community, One Southern Indiana, the City of New Albany, State of Indiana, and our dedicated Team Members, Toyoda Gosei has been able to build a strong manufacturing operation in Southern Indiana. We are excited to be able to further contribute to the sustainable economic development of the local community through this investment,” said Nobuhisa Tanaka, President and CEO of Toyoda Gosei North America.
The Indiana Economic Development Corporation (IEDC) is offering TG Missouri Corporation up to $900,000 in Economic Development for a Growing Economy (EDGE) tax credits which may be certified over a period of up to eight years. The IEDC also offered the company a non-refundable tax credit under the Hoosier Business Investment (HBI) Tax Credit program equal to the lesser of 5% of the company’s qualified investment made on or before December 31, 2023 or $400,000. These incentives are based on the expected creation of 150 net new full-time positions by the year 2023 for eligible Hoosiers.
“Today’s announcement only reinforces the positive economic momentum in Indiana,” said Jim Staton, SVP and chief business development officer for the IEDC. “We are encouraged by TG Missouri’s rapid growth in the state, and grateful for their continued commitment to providing quality career opportunities for Hoosiers in southern Indiana.”
The company will be seeking real and personal property tax abatements, which allow it to phase in its increased property taxes over time. The tax abatements offer the company an estimated savings of $400,697 over the next 10 years. The New Albany City Council is scheduled to vote on final approval of the company’s local incentives on Thursday, Sept. 16 with the project contingent upon the council’s approval.
“Since opening their first facility on Foundation Boulevard, TG Missouri has been an outstanding partner for the City of New Albany, employing more than 150 workers. With this new announcement, they’re doubling their local workforce, and doubling down on their commitment to the city and the region,” said New Albany Mayor Jeff Gahan. “I am excited about this expansion and look forward to many years of continued success and growth for our friends at TG Missouri.”
Wendy Dant Chesser, president and CEO of One Southern Indiana said, “TG Missouri choosing to locate here in 2005 was a significant milestone for Southern Indiana. Their decision to expand their presence here and double their workforce is a huge vote of confidence for the region. TG Missouri’s emphasis on excellence, environment, safety and innovation continues to drive their success, and makes them a valued addition to the portfolio of industries in the area. As always, 1si is prepared to assist them in any way we can.”