33 Indiana Firms Commit to Expansion, Hiring

December 21, 2011 by · Comments Off on 33 Indiana Firms Commit to Expansion, Hiring 

Governor Mitch Daniels and executives from two home-grown Hoosier firms, including a service supplier to the recreational vehicle industry, today (Dec. 20) announced new investments in Central Indiana expected to create a combined 365 new jobs over the next four years.

According to a press release, quality inspection service provider, Stratosphere Quality LLC, and financial software provider Archway Technology Partners Inc., will invest a combined $4.3 million to expand their individual headquarters in Central Indiana. Stratosphere, which services the RV, automotive, medical device, appliance and construction industries, plans to create up to 225 new jobs by 2015 and Archway plans to add up to 140 new jobs by 2015.

Stratosphere and Archway join 33 other companies that committed to locating or growing their headquarters in the Hoosier State this year, creating more than 4,100 projected new headquarters and operations jobs. In 2011, the IEDC secured job commitments from a total of 219 companies from across the country and around the world, an increase from 200 companies in 2010 and more than any other year on record. These 219 companies project to create more than 19,000 new jobs and invest more than $2.7 billion in their Indiana operations.

As part of the rapidly growing quality-assurance industry, Stratosphere provides sorting and inspection services to manufacturers of parts and components. The company, which has more than 800 associates in North America, plans to invest $2.6 million to expand and upgrade its Fishers, Ind., headquarters and has already begun hiring additional accounting, human resource and finance positions. It also plans to hire new quality inspectors and project managers across the state to interact directly with customers on site.

“We are pleased to see that the careful planning and work being done by Governor Daniels’ team is paying off with such a positive business environment,” said Tom Gray, Stratosphere COO. “We continually invest in our employees, technology, equipment and facilities in order to maintain our competitive edge and are excited to have the opportunity to continue to grow and provide more jobs and training in our home state of Indiana.”

Archway supports and integrates back office operations for firms in the investment management industry. Its systems support business functions required for the management of more than $120 billion in market assets. To accommodate its expanding global client base, the company will invest $1.7 million to nearly double its current 6,000 square-foot headquarters on the north side of Indianapolis. Archway has already begun the hiring process for the additional associates. The new high-wage positions will be across the company, including software engineering, business development and professional and client services.

The Indiana Economic Development Corporation offered Stratosphere Quality up to $1.5 million in conditional tax credits and up to $200,000 in training grants based on the company’s job creation plans. In addition, Archway Technology Partners, Inc. was offered up to $2.4 million in conditional tax credits and up to $100,000 in training grants based on its job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis will support Archway with grant funds at the request of Develop Indy.



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