Novae Corp. Expanding in Markle
April 21, 2014
MARKLE, Ind. - Novae Corporation, North Americas third largest utility trailer manufacturer, announced plans today to expand its operations here, creating up to 75 new jobs by 2016.
The homegrown-Hoosier company will invest $5.9 million to construct and equip a 73,000 square-foot facility at the Markle Industrial Park, a state-certified shovel ready site, which will be its fourth manufacturing facility in northeast Indiana since 2005. The new operation will be online and fully functional by November.
"Indiana is leading the charge for job creation, with companies both at home and abroad finding the perfect business climate here for growth and opportunity," said Eric Doden, president of the Indiana Economic Development Corporation. "Companies like Novae know from experience that Indiana is a state that works, complete with the skilled manufacturing workforce and affordable cost of doing business they need to succeed."
Today's announcement continues Novae's growth in northeast Indiana. In 2010, the company made plans to invest $686,000 to purchase, redevelop and equip a 150,000 square-foot facility in Columbia City, creating up to 20 jobs by 2013. The company has since exceeded that goal, currently with approximately 350 full-time Indiana associates. Novae plans to begin hiring CDL drivers, welders, painters, assembly personnel, administrative and management professionals for its new Markle facility in July. Interested applicants may apply in person at Novae's headquarters in Markle or online at www.novaecorp.com.
"We chose Indiana again because of the overwhelmingly compelling value we see in pro-business minded government and in the dedicated and productive workforce that is readily available," said Mike Bermes, president and chief business development officer of Novae. "Government officials at every level here realize their role in serving the people of Indiana by helping create an environment where businesses can thrive. These facts coupled with Indiana's commitment to infrastructure and our geographic proximity make it hard to beat Indiana."
Founded in 1995, Novae designs and manufactures utility and cargo trailers, as well as lawn, garden and agricultural equipment. Novae has three product lines including Sure-Trac utility trailers, Cardinal farm products and Novae lawn care products. With its new production facility in Markle, the company also plans to add staff at its Columbia City, North Manchester and original Markle facilities to foster its continued growth.
The Indiana Economic Development Corporation offered Novae Corporation up to $450,000 in conditional tax credits and up to $50,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. Huntington County approved additional incentives and the town of Markle is considering incentives at the request of the Huntington County United Economic Development Corporation.
"The town of Markle is very excited about continued growth at the Markle Industrial Park," said Jeff Humbarger, president of the Markle Town Board. "Success in the economic development world is defined by collaboration. We really appreciate the support we've received from the IEDC, the Northeast Indiana Regional Partnership, Huntington County Economic Development and the county. It started a few years ago with an effort to make the site shovel ready and the team took that a step farther to acquire the site in order to expedite development. This is truly the definition of a winning team effort. The town board extends our congratulations to Novae and the team working to make this a reality."
Indiana's unemployment rate continues on a downward slide, declining 2 percent in the last year, which is the third largest decrease in the nation. The Hoosier State boasts an unemployment rate lower than the national average, as well as a rate below all neighboring states.
Novae Corp. is a dynamic growth company focused on developing a strong, professional, and collaborative organization with the mission to create value for everyone involved in our business. As a manufacturer of utility trailers, agricultural equipment and commercial lawn care equipment, we remain true to our core values of quality, innovation, integrity and commitment, delivering great products and outstanding service. For more information, visit www.novaecorp.com.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: The Indiana Economic Development Corp.'