PLAINFIELD, Ind. (Oct. 24, 2012) – Regal Beloit Corporation (NYSE:RBC), a manufacturer of electrical and motion control products, announced plans today to consolidate its operations here, creating up to approximately 50 new jobs by 2015.
The Beloit, Wis.-based company, which manufactures electric motors, generators, geardrives and electronic controls, will invest $8.1 million to operate a 376,000 square-foot facility at the 9000 block of E. County Road in Plainfield. Regal plans to move operations from multiple Midwest-based warehouses to the new regional distribution center. As part of the project, the company will purchase new distribution machinery, software and information technology equipment for the facility, which became operational earlier this month.
“Regal is the latest example of a company that has recognized all the Hoosier State has to offer. With our low-tax economy, triple-A credit rating and balanced budget, the grass is greener for business in Indiana,” said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
Regal, which currently has approximately 350 Hoosiers employed at their Plainfield and Fort Wayne facilities, has already begun hiring additional distribution, logistics, quality control and customer service associates. Interested candidates can apply at https://regalbeloitcareers.silkroad.com.
“Based on our company initiative of customer care and our continued growth, consolidating some of our warehousing operations should allow us to better meet our customer expectations,” said Linda Shaw, vice president of customer care and logistics at Regal. “The Plainfield community along with Browning-Duke Reality, worked together to offer a solution that met our needs and delivered a facility within our specified time frame.”
The Indiana Economic Development Corporation offered RBC Manufacturing Corporation, a division of Regal Beloit Corporation, up to $260,000 in conditional tax credits and up to $8,450 in training grants based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The town of Plainfield will consider additional property tax abatement at the request of the Hendricks County Economic Development Partnership.
“The town of Plainfield is very pleased to have Regal and their employees in our community,” said Robin Brandgard, president of the Plainfield Town Council. “We worked with them to provide the right building in a great location so their jobs could stay in our region. Plainfield is nationally recognized as a premiere location for industrial buildings with more than 28 million square feet under roof, and adding Regal’s presence only enhances our reputation.”
Regal’s decision to consolidate its distribution operations to Hendricks County adds to Indiana's growing transportation and logistics industry. Just last month, Ascena Retail Group announced plans to expand its distribution operations in nearby Putnam County. The national specialty retailer will invest $34 million to transform a 123-acre Greencastle campus into its primary ecommerce distribution site, creating up to 242 new jobs by 2018.
Regal Beloit Corporation is a leading manufacturer of electric motors, mechanical and electrical motion controls and power generation products serving markets throughout the world. Regal Beloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales and service facilities throughout the United States, Canada, Mexico, Europe and Asia. Regal Beloit’s common stock is a component of the S&P Mid Cap 400 Index and the Russell 2000 Index.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
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John Perino (Regal) – 608.361.7501 or firstname.lastname@example.org
Katelyn Hancock (IEDC) – 317.234.2294 or email@example.com