LONDON (May 16, 2007) - Governor Mitch Daniels joined executives from Keronite today to announce that the U.K-based metals treatment company will establish its first U.S. operations in Indiana.
The transcontinental investment will create 25 new jobs and bring more than $1.5 million in capital investment to the company's new facility in Greenwood.
"This is exactly the kind of business we're most interested in, the front edge of technology with intellectual property that assures high margins, high value and employs the products of our best universities and keeps them close to home. The company has the potential for exciting and rapid growth," said Daniels.
Keronite specializes in a high-tech treatment process that transforms the surfaces of light alloys into wear and corrosion resistant ceramics. While the process has applications that span from the automotive industry to consumer products, motorsports applications will serve as the focus for the company's new U.S. operations.
"There are many applications for our technology in the motorsports industry," said Ross Brown, Keronite's general manager for U.S. operations. "Thank you to Indiana for an excellent opportunity."
Governor Daniels and Keronite executives signed a memorandum of understanding detailing the company's plans to locate in Indiana at a reception for the Motorsport Industry Association in London. The meeting is one of several slated with European business leaders during the Governor's Europe trade mission.
"We are thrilled that Keronite has chosen Greenwood to be the home of their new U.S. operations," said Mayor Charles Henderson. "The Governor's efforts to in-source jobs to our community will allow us to continue building our economy and allow us to show more and more people that Greenwood's quality of life and workforce is among the best in the world."
The Indiana Economic Development Corporation offered the company up to $250,000 in performance-based tax credits and up to $64,000 in training grants based on Keronite's planned expansion.
Photos and audio from Governor Daniels' European Trade Mission can be found on the governor's Web site here: http://www.ai.org/gov/press/media/european_trade_2007.html.
About Keronite
Established in 2000 with headquarters in Cambridge, UK, Keronite International Ltd employs around 30 people across Europe, North America and Asia and works hand in hand with a growing network of experienced partners to ensure that customers find the best system solution for their particular needs. With roots in Russia, the unique form of PEO technology now known as Keronite was transferred to the UK in the 1990's. Here, the original inventors continued to develop and scale up the process to meet the demand for the industrial production volumes seen today
About IEDC
The Indiana Economic Development Corporation is the state's premier entity charged with economic development. The IEDC has a 12-member board chaired by Governor Mitch Daniels. Indiana Secretary of Commerce Nathan Feltman is also chief executive officer of the IEDC. For more information about IEDC, visit http://www.iedc.in.gov/.
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