10/12/2006
Media Contact:
Wendy Chance, Praxair Surface Technologies, 317/240-2172
Justin Ohlemiller, City of Indianapolis, Mayor Bart Peterson’s Office, 317/327-3690
Weston Sedgwick, Indiana Economic Development Corporation, 317/232-8873, wsedgwick@iedc.in.gov
Kristen Fuhs, Speedway Redevelopment Commission, 317/262-8080 |
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Praxair Surface Technologies Announces $25 Million Expansion at Speedway Complex
INDIANAPOLIS—Indianapolis-based Praxair Surface Technologies, a wholly owned subsidiary of Praxair Inc. (NYSE:PX), today announced a major $25 million expansion at its Speedway complex. The company, which produces and markets high-performance coatings that protect metal parts from wear, corrosion and high temperatures, will create approximately 45 new high-tech jobs.
“We are grateful to the state of Indiana, the city of Indianapolis and the Speedway Redevelopment Commission for the incentives that will help Praxair Surface Technologies move forward with a significant investment in our Speedway operations,” said Robert Vruggink, president of Praxair Surface Technologies. “When selecting a site within our global operations for expansion, Praxair looks for good quality of life and a talented workforce. Closing in on 100 years at our location in Speedway, we know that both are offered right here in Central Indiana.”
The project, slated for completion in January 2008, will include the construction of an additional 25,000 sq. ft. production facility at 1415 Main St. Employees at the new facility will apply coatings that protect against abrasion, oxidation, corrosion, erosion, wear and extreme heat on aircraft engine parts. Today, Praxair Surface Technologies employs more than 450 at the site.
“This commitment from Praxair Surface Technologies says a lot about the economic vitality of Indianapolis and the great opportunities for future investment and job growth in Speedway,” Mayor Bart Peterson said. “It’s successful, high-tech companies like Praxair that have helped Indianapolis emerge as a leader in job growth among Midwestern cities over the last several years.”
The state of Indiana through the Indiana Economic Development Corporation (IEDC), city of Indianapolis, the Speedway Redevelopment Commission and the Indy Partnership and worked together to provide an incentive package that put the Speedway location at the top of Praxair Surface Technologies’ worldwide site selection list. The IEDC offered incentives including up to $28,500 in training grants and approximately $430,000 in tax credits based on job creation and capital investment. A seven-year real property tax abatement valued at over $392,000 and personal property tax abatement estimated at approximately $934,000 is scheduled to be voted on by the Speedway Redevelopment Commission and Indianapolis’ Metropolitan Development Commission within the next few weeks.
“Decisions like the one Praxair Surface Technologies is making to continue to invest in Indiana reflects a growing confidence in the business climate in our state,” said Michael S. Maurer, Secretary of Commerce and Indiana Economic Development Corporation president. “This is exactly the kind of company we need to balance and diversify our economy.”
“I think this shows Speedway will continue to be competitive for a wide variety of world-class companies like Praxair. This is a great first step toward a bright future for Speedway as we construct our redevelopment plan for The Speed Zone, and ultimately the entire community,” said Scott Harris, president of the Speedway Redevelopment Commission. “We’re thrilled that a staple of Speedway’s business community has decided to grow its facilities and its workforce in an area already slated for growth and revitalization.”
The Indy Partnership, a privately funded, not-for-profit organization dedicated to strengthening economic and job growth in the 11-county Indianapolis region, also played a key role in Praxair Surface Technologies’ decision to expand in Speedway.
“Praxair Surface Technologies’ expansion is testament to the idea that economic development happens on a regional basis in close cooperation with organizations like the Speedway Redevelopment Commission, the Indy Partnership and the city of Indianapolis,” said Jeb Conrad, executive director of Indianapolis Economic Development Corporation. “We were able to provide Praxair with competitive information about the area and available tax incentives, and connected the company with the appropriate people for state-based programs as well.”
Praxair built its first buildings in Speedway in 1908. In 1998, ASM International, a society of materials engineers and scientists, designated Speedway Laboratories of Praxair Surface Technologies as a historical landmark. It was here that the first useful application of the detonation-gun process was developed for applying metal and ceramic coatings on metal components.
About Praxair Surface Technologies
Praxair Surface Technologies produces and markets high-performance coatings that protect metal parts from wear, corrosion and high temperatures. Aircraft engines are Praxair Surface Technologies’ primary market, but it also serves the printing, petrochemical, oilfield and power generation markets.
About Praxair Inc.
Praxair Inc. is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2005 sales of $7.7 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, health care, manufacturing, metals and others. More information on Praxair is available at www.Praxair.com or www.praxair.com/surfacetechnologies.
About Speedway Redevelopment Commission
The Speedway Redevelopment Commission is a five-member board of volunteers appointed by the Speedway Town Council. Faced with the task of bringing economic growth to the Town of Speedway, the commission is responsible for developing a redevelopment plan for a specific area in downtown Speedway called The Speed Zone. The plan will be the first step toward building Speedway’s bright future. For more information visit www.redevelopspeedway.com.
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