Biking Company Bringing Jobs to Central Indiana
A racing bike component manufacturer has announced plans to expand operations in Indianapolis, creating 105 jobs by 2013. Speedway-based Zipp Speed Weaponry will invest more than $12 million to build a 70,000 square foot manufacturing and customer service facility. Zipp's announcement comes on the same day that Express Scripts announced it was investing more than $5 million to consolidate operations in Indianapolis, with plans to create more than 180 jobs by 2012.Indianapolis, Ind. Governor Mitch Daniels joined executives of racing bike component maker, Zipp Speed Weaponry, today to announce that the company will expand its design and manufacturing operations here, creating 105 new jobs by 2013.
The company, which designs and manufactures wheels, bars and accessories for racing bicycles, will invest $12.4 million to construct a new 70,000 square-foot manufacturing and customer service center on the city's northwest side.
"You fight recession by having the best business climate
available. Again today, two great companies in the front rank of their
respective industries have chosen the Indiana business environment over
all other options," said Daniels who earlier today joined executives
from Express Scripts for an economic development announcement.
Zipp,
an international company with more than 50 percent of its sales outside
of the United States, currently employs nearly 130 Hoosier associates
at its manufacturing and design operations in Speedway. The company
plans to begin hiring additional manufacturing and customer support
associates in the second quarter of 2010 in preparation for
commencement of operations at the new facility in July.
"Zipp Speed Weaponry has its roots in innovation; our growth is driven by it. We are known for creating new products, and even new markets, within the cycling industry. Because Indiana offers an innovative, business-friendly climate with a great workforce, we decided to expand our headquarters and manufacturing operations in Indianapolis," said David Campbell, director of manufacturing at Zipp Speed Weaponry. "We sincerely appreciate the support from both the city and state. We are pleased that the community recognizes our growth potential and we are very excited to continue our partnership."
Established in 1988, the Speedway-based company has designed frames, wheels and bars for competition cyclists ranging from Ironman triathlon competitors to Olympic gold medalists. Zipp recently announced that the Astana Cycling team, featuring 2009 Tour De France champion Alberto Contador, will ride on Zipp wheels during the 2010 competition season.
The Indiana Economic Development Corporation offered Zipp Speed Weaponry up to $690,000 in performance-based tax credits and up to $110,000 in training grants based on the company's job creation plans. The city of Indianapolis will support additional property tax abatement at the request of Indianapolis Economic Development, Inc.
"We are
thrilled Zipp has decided to expand its operations here in
Indianapolis," said Mayor Greg Ballard. "Our city continues to shine as
the location of choice for so many companies in many different
industries. Zipp is one more young and exciting company we can add to
the list."
Zipp Speed Weaponry's announced expansion comes on
the same day that pharmacy benefits management firm Express Scripts
announced it will invest more than $5.1 million to take over NextRx's
pharmacy benefits management services it acquired from Wellpoint in
2009. The move will create more than 180 jobs by 2012.
About Zipp Speed Weaponry
Zipp
Speed Weaponry was founded in 1988 with the sole mission of making
athletes faster on their bikes. Over the course of the last twenty
years, Zipp has done exactly that, by drawing on its core competencies
of design engineering, composites knowledge, and wind tunnel
development. It is these competencies that have allowed Zipp to deliver
a series of firsts in the cycling industry. From the first carbon disc
wheel to the first carbon crank to the first wheel to achieve negative
drag in the wind tunnel. These firsts have helped Zipp athletes to
become champions in the toughest races in the world, on the fiercest
roads in the world, from the cobbled roads of Belgium to the Queen K in
Kona. Zipp Wheels are handmade in Speedway, IN USA. www.zipp.com