News release from Greater Fort Wayne, Inc.:
Valbruna Slater Stainless to Grow Fort Wayne Facility in the Urban Enterprise Zone
(November 21, 2014) – Valbruna Slater Stainless, Inc. has announced it will reinvest in Fort Wayne once again. The company will invest $30.5 million in a new facility and new machinery. Valbruna will also add 45 new jobs over the next three years.
“We chose to continue investing in Indiana because Fort Wayne is strategically positioned in the Midwest as it represents about 35% of the US market, and it is well served with the proper infrastructure,” stated Massimo Amenduni, President of Valbruna Slater Stainless. “Moreover, we have access to a vast pool of skilled labor, a factor that is paramount in today’s competitive market. And last but not least, the business environment in Fort Wayne, and in Indiana, is conducive to growth as Valbruna’s recent success in the community is clearly indicating”.
Valbruna is a worldwide leader in the production of stainless steel and nickel alloy long products (bars) in different shapes and sizes. The company serves a diverse array of industries such as, oil and gas, power generation, automotive, biomedical, and many others. Valbruna will be constructing one new facility which will be 166,000 square feet and renovating two older facilities on its Urban Enterprise Zone campus. Allotting the company a total of 550,000 square feet for production, which is scheduled to be completed by the last quarter of 2015.
“Indiana’s ability to attract and bolster manufacturing investment reinforces the Hoosier State’s global reputation as a bedrock for business growth,” said Victor Smith, Indiana Secretary of Commerce. “Valbruna Slater Stainless knows there is a world of options when it comes to where to expand, and it chose Indiana. With our strong workforce and low tax climate, the Hoosier State proves to be a state that works for manufacturing.”
The company is eligible for an incentive package, valued at $5,321,074 from the Indiana Economic Development Corporation, Northeast Indiana Works, and the City of Fort Wayne. The City of Fort Wayne projects that the investment will qualify for a 10-year investment deduction of real and personal property taxes, due to the location of the facility in the Urban Enterprise Zone.
“Fort Wayne continues to be a leader in economic development, business growth, job retention, and new jobs,” said Fort Wayne Mayor Tom Henry. “Valbruna Slater Stainless is a valuable partner in our efforts to be a City that invests in the future. Our community is on the move in a positive direction with unprecedented momentum.”