5/18/2020

[IEDC] Italy-Based Stainless Steel Company Picks Indiana for North American Headquarters

DELAWARE COUNTY, Ind. (May 18, 2020) – INOX Market Service, a global stainless steel processing company, announced plans today to establish its North American headquarters in Delaware County, creating up to 101 new jobs by the end of 2024. 

“Today’s announcement is an encouraging sign of positive economic momentum in our state,” said Governor Eric J. Holcomb. “As we safely and responsibly reopen, we are committed to working together with local and regional partners to provide the resources businesses – large and small – need to grow and get back on track. We are grateful for INOX Market Service choosing to establish its North American headquarters in the Hoosier state, and we remain confident that Indiana’s skilled workforce and business-friendly environment will support the company’s growth for years to come.”

The Padua, Italy-based company, which has operations in Europe, Mexico and India, will launch INOX Market North America (IMNA) and invest more than $15 million to construct and equip a 139,800-square-foot facility at 4400 W. Cowan Road in Muncie. The new facility will allow INOX to expand its stainless steel slitting and forming operations, while growing customer demand in the home appliance, elevator and escalator, and industrial sectors. Construction is slated to begin this summer, and the company expects to start production in spring 2021 and reach full operational capacity by 2022. 

To support its growth, INOX, which has approximately 400 employees across its nine locations worldwide, will begin hiring in spring 2021 for positions in steel production. Future hiring opportunities will be made available at a later date.

“We looked at multiple locations within the U.S., and after meeting with state and Delaware County officials, we quickly recognized that their organization and personalized support exceeded that of many other states," said Federico Sbettega, owner and INOX Board of Directors member. "We want to be part of a welcoming community like Delaware County, and we find tremendous value in the state and community investing in their futures; and that is exactly what we saw from the leaders in Indiana.” 

Established in 1989, INOX has a group of business units around the world specializing in the forming and wholesale distribution of steel. Once operational, IMNA will receive raw roll stainless steel coils and cut and form the steel for various uses. The company will deliver high quality, Class A austenitic, ferritic and low nickel stainless steel in multiple diameters.

"Our efforts to seek a company that will be a good fit for our community are highlighted with today's announcement of the IMNA headquarters locating in Delaware County," said Delaware County Commissioner James King. "First we built the relationship together with the state, second we confirmed that the company would be right for our community, and third we went the extra mile to make sure we assisted them with every single detail of making their transition to the U.S.”   

The Indiana Economic Development Corporation (IEDC) will offer INOX Market Service up to $1.15 million in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The Delaware County Commissioners will consider additional incentives at today's meeting based on recommendations of the Delaware County Industrial Development (CREED) Board and Delaware County Economic Development. CREED funds are used to promote industrial development and support business capital investment in the county. 

About INOX Market Service
INOX Market Service is engaged in the transformation and distribution of high quality stainless steel, meeting the needs of our customers and stakeholders in a timely manner, as well as the prevention and control of pollution, and the implementation of a health and safety management system at work, in compliance with applicable laws, safeguarding environmental aspects and preventing identified operational risks, with a view to continuous improvement of processes.

About IEDC
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov. 

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