CROTHERSVILLE — A Crothersville industry plans to invest between $14 million and $17.5 million over the next three years, and by the end of this year, add more than 40 jobs.
Aisin Drivetrain Inc., 1001 Industrial Way, received unanimous approval Tuesday for a 10-year tax abatement supporting the new investment. The company requested the first phase of the abatement, which officials believe will be about $7 million in the first year, said Jim Plump, executive director of Jackson County Industrial Development Corp.
Aisin Drivetrain is a Japan-owned manufacturer of automotive components and systems such as industrial transmissions, commercial transmissions and power steering columns.
The company, founded Oct. 1, 1996, is a subsidiary of Kariya, Japan-headquartered Aisin Seiki Co.
Aisin Drivetrain plans to renovate and purchase new equipment to accommodate design changes for steering columns and other automotive components being incorporated by its customers.
The company will supply parts for vehicles such as the Toyota Avalon and Lexus ES and plans to begin work on upgrades later this month.
Plump said Aisin Drivetrain estimates the more than 40 employees that will be hired will add salaries of $1.9 million. That will enable the company to retain its current 368 employees, who have combined salaries of more than $17.9 million, he said.
Indiana Economic Development Corp. offered Aisin Drivetrain up to $425,000 in conditional tax credits based on the company’s job-creation plans. The incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives.
Since 2008, Aisin Drivetrain has invested nearly $80 million into its Indiana operations, according to the Indiana Economic Development Corp.
Aisin Seiki, which is a part of Toyota Group, designs and manufactures automotive and industrial parts and lifestyle and energy products. The company is one of the top-10 global automotive suppliers, producing a variety of parts, including transmission, brake and engine units, according to the Indiana Economic Development Corp.
Aisin employs more than 115,400 people across the world, including 3,934 in Indiana. Aisin has 10 companies in Indiana, including Aisin Drivetrain and Aisin Chemical Indiana in Crothersville, and Aisin USA Manufacturing in Seymour.
“Global companies like Aisin Drivetrain continue to find success in Indiana, and they provide good jobs for Hoosiers,” Gov. Eric Holcomb said. “We’ll continue sharing our economic success story and ensuring businesses like Aisin Drivetrain have access to our skilled workforce and pro-growth business environment.”
Founded Oct. 1, 1996, Aisin Drivetrain Inc. is a manufacturer of a wide range of products for customers in the automotive and heavy equipment industries, including Toyota, Lexus, Fiat Chrysler Automobiles and Nissan.
The Crothersville company’s products include industrial transmissions, commercial transmissions and power steering columns.
The company plans to add more than 40 jobs, completing the hiring for manufacturing positions in August.
Interested applicants can apply by mailing résumés to Aisin Drivetrain Inc., 1001 Industrial Way, Crothersville, IN 47229 or complete an application in person.