Auto parts firm announces second big expansion in past 2 years

Published on 3/27/2014

 

GREENFIELD — A Greenfield manufacturer of automotive nuts and bolts is investing $21.7 million in expansions and adding at least 25 jobs over the next two years.

Indiana Automotive Fasteners announced plans to the Greenfield City Council Wednesday before receiving unanimous approval on abatements for property taxes.

“We always appreciate this great city,” said IAF Vice President Samsoo Kim. “We hope to grow with the city of Greenfield.”

The company will add $15 million in new equipment, plus $6.7 million in building space. The company plans to break ground next month on 45,000 new square feet of office space and 48,900 square feet of manufacturing space at its Anderson Boulevard site, located at New Road and Franklin Street.

The announcement comes on the heels of even more growth over the last two years. In 2012, the company announced 25 new jobs and just over $15 million in new equipment. Skip Kuker, director of the Hancock Economic Development Council, said the company has been adding even more employees than what it promised: in the fall of 2012, IAF employed 378. Now, the company has 549 employees making just over $24 million in salaries.

The 25 new manufacturing employees announced Wednesday will mean $688,480 in additional payroll by 2016, with the average starting wage at $13.24 an hour, increasing to $14.40 an hour after six months on the job.


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