News release from Indiana Economic Development Corporation
(Versailles, Ind.) - Ohio Rod Products, a manufacturer of headed and threaded fasteners, announced today that it will expand its production operations here, creating up to 33 new jobs by 2013.
|Ohio Rod Products logo|
The company, which produces long length, small diameter headed and threaded metal fasteners for customers in the electric motor, wire and cable, material handling, automotive, and construction industries, will invest $3.1 million to phase in new machinery and business at its Ripley County facility.
“Ohio Rod Products is finding a way to grow in the midst of tough economic times and they’re doing it here in Indiana,” said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. “We appreciate the new jobs and investment they are committing to Ripley County.”
The company, which currently employs nearly 70 associates in Versailles, plans to begin hiring additional manufacturing and supervisory personnel this fall as the new business is phased in.
“Our traditional markets have matured, and we need to expand our manufacturing capabilities in order to realize the growth potential that exists in other fastener-related markets. Our location in southeastern Indiana continues to be beneficial to us by providing a reliable employee base, as well as proximity to our anticipated new business opportunities,” said Jeff Liter president of Ohio Rod Products.
Founded in 1947 in Cleveland, Ohio Rod Products moved its entire operation to Versailles, Ind. in 1966. The company, now part of the Downers Grove, Ill. - based Elgin Fastener Group, has sister facilities in Cleveland, Ohio, Martin, Tenn. and Osgood, Ind.
The Indiana Economic Development Corporation offered Ohio Rod Products up to $160,000 in performance-based tax credits and up to $50,000 in training grants based on the company’s job creation plans. The town of Versailles will consider additional property tax abatement at the request of the Ripley County Economic Development Corporation. Additionally, Ohio Rod Products will receive a $500,000 grant from the city of Lawrenceburg’s Regional Economic Development Grant program.
“We are thrilled to have Ohio Rod Products in Versailles and to see the company succeed and grow during these tough economic times. The company is a hard working group moving forward,” said Dee Dee Benkie, of the Versailles town council. “The town is thankful for Ohio Rod and also Governor Mitch Daniels and IEDC director Mitch Roob for making Indiana a business friendly state.”
Indiana’s manufacturing industry received an overall “A” grade in the 2010 Manufacturing and Logistics Report Card, released in July by Conexus Indiana. The state also received “A” grades for its global manufacturing position and tax climate.