Hi-Shear Moving to Indiana
Hi-Shear Moving to Indiana
Jason Sandefur
Hi-Shear Automotive will invest more than $5 million to relocate its manufacturing operations from Gardena, CA, to a 34,000 sq ft facility in Fort Wayne, IN, by mid-2008.
Hi-Shear is a Tier 1 and Tier 2 automotive supplier of single piece, self-locking wheel bearing retainer nuts and brake cable tension limiters. The company plans to create as many as 145 jobs by 2011. News of the move comes months after Hi-Shear Automotive was purchased by Defiance Acquisition LLC. Defiance Acquisition president Yosufi Tyebkhan noted the move would bring Hi-Shear closer to its sister company, Defiance Stamping, located in Defiance, OH.
The Indiana Economic Development Corporation offered Hi-Shear up to $855,000 in performance-based tax credits and up to $30,000 in training grants based on the company”s job creation plans, while the city provided property tax abatement and a $100,000 performance-based grant to help offset the cost of reconfiguring the building. Web: hi-shearautomotive.com �2007 FastenerNews.com
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