INDIANAPOLIS—Two Central Indiana companies announce new jobs and plans for expansion.
Speedway-based business, Zipp Speed Weaponry, announced Wednesday, it will expand its design and manufacturing operations by building a new 70,000 square foot facility on the northwest side.
The expansion expects to create 105 new jobs by 2013 with an investment of $12.4 million.
Zipp Speed Weaponry designs and manufactures wheels, bars, and accessories for racing bicycles.
"You fight recession by having the best business climate available. Again today, two great companies in the front rank of their respective industries have chosen the Indiana business environment over all other options," said Governor Daniels.
Zipp currently employs 130 people at its Speedway location. The new facility is expected to be up and running sometime in July. They plan to begin hiring in the second quarter of 2010.
"Zipp Speed Weaponry has its roots in innovation; our growth is driven by it. We are known for creating new products, and even new markets, within the cycling industry. Because Indiana offers an innovative, business-friendly climate with a great workforce, we decided to expand our headquarters and manufacturing operations in Indianapolis," said David Campbell, director of manufacturing at Zipp Speed Weaponry.
"We sincerely appreciate the support from both the city and state. We are pleased that the community recognizes our growth potential and we are very excited to continue our partnership."
The Indiana Economic Development Corporation offered Zipp Speed Weaponry up to $690,000 in performance-based tax credits and up to $110,000 in training grants based on the company's job creation plans.
The city of Indianapolis will support additional property tax abatement at the request of Indianapolis Economic Development, Inc.
"We are thrilled Zipp has decided to expand its operations here in Indianapolis," said Mayor Greg Ballard. "Our city continues to shine as the location of choice for so many companies in many different industries. Zipp is one more young and exciting company we can add to the list."
Zipp Speed Weaponry's announced expansion comes on the same day that pharmacy benefits management firm Express Scripts announced it will invest more than $5.1 million to take over NextRx's pharmacy benefits management services it acquired from Wellpoint in 2009.
The company will invest $5.1 million to consolidate its specialty pharmacy operations to the facility formerly occupied by NextRx near the Indianapolis International Airport.
Express Scripts, which handles millions of prescriptions each year, plans to begin hiring additional pharmacy technicians in the next month.
The move will create more than 180 jobs by 2012.
"Express Scripts has long been an industry leader in providing evidence-based clinical programs that promote better health and value to millions of Americans. Now more than ever, we must lower costs and improve health outcomes for patients with specialty medication needs," said George Paz, chairman and chief executive officer of Express Scripts.
"Our employees in Indiana are taking the lead in providing our specialty patients and clients with unparalleled service."