Corporate relocation means expansions in Fort Wayne

March 23rd, 2016

News Coverage:

March 23, 2016

Corporate relocation means expansions in Fort Wayne

Greater Fort Wayne Business Weekly

Fort Wayne will benefit from a Maryland-based manufacturer’s decision to relocate to Indiana.

Precision Products Group plans to move its headquarters in College Park, Md., to a facility in Carmel. The company owns several subsidiaries which make small specialty-shaped tube products, the Indiana Economic Development Corp. said in a statement today.

Two of those businesses, Paramount Tube and Aardvark Straws, operate in Fort Wayne. As part of Precision’s move, manufacturing equipment will be transferred from Maryland to the two local facilities through this summer.

“Expanding our production facilities in Fort Wayne has positioned us to reach a new segment of customers while allowing us to provide innovative solutions to our existing clientele,” David Hope, Precision’s CEO, said in the statement. “Relocating our corporate office to Carmel provides a centralized location with a strong talent pool and cost effective environment.”

The company has more than 150 employees, with 60 in Indiana. After the move, plans call for creating up to 18 new jobs by 2017, including engineering and quality control positions for the Fort Wayne facilities.

The IEDC offered Precision up to $252,000 in conditional tax credits.