Auto Parts Manufacturer to Place Operations in Indiana

Auto Parts Manufacturer to Place Operations in Indiana HSAC Acquisition Corporation, a leading supplier to the automotive industry, announced November 27 that it will relocate its California operations to Fort Wayne, Ind., creating more than 145 new jobs by 2011. The Gardena, Calif.-based company, which will do business as Hi-Shear Automotive, will invest more than $5 million to relocate its manufacturing operations to a 34,000-square-foot facility in southeast Fort Wayne with plans to begin operations at the facility by mid-2008. "HSAC joins a growing list of companies, like Medco and Really Cool Foods, that are choosing to locate new operations in Indiana. We have worked hard to create a competitive business climate that encourages just this kind of investment, and this is another sign that our efforts are paying off and creating new jobs for hard-working Hoosiers," said Indiana Governor Mitch Daniels. The company, which specializes in the manufacturing of wheel bearing retainer nuts and brake cable tension limiters, will begin hiring managers, engineers, clerical staff, warehouse specialists, maintenance technicians and production and assembly workers in mid-2008. The relocation of HSAC follows Defiance Acquisition LLC¡¯s purchase of the company earlier this year. The cross-country move will bring the company closer to its sister company, Defiance Stamping, located nearly 45 miles northeast of Fort Wayne in Defiance, Ohio. "We purchased Hi-Shear earlier this year because we knew it had excellent product offerings and great growth potential," said Yosufi Tyebkhan, president of Defiance Acquisition LLC. "We have started to realize some of that potential, and the time is right to accelerate that growth through the synergies to be gained by working even more closely with Defiance Stamping." HSAC is a Tier 1 and Tier 2 supplier to the automotive industry including Ford, GM, Dana and Chrysler. The Indiana Economic Development Corporation offered HSAC Acquisition Corporation up to $855,000 in performance-based tax credits and up to $30,000 in training grants based on the company¡¯s job creation plans. The state will also provide the City of Fort Wayne with a grant of up to $75,000 to assist in off-site infrastructure improvements needed for the project. The city, through the Fort Wayne-Allen County Economic Development Alliance, will provide the company with property tax abatement and a $100,000 performance-based grant to help offset the cost of reconfiguring the building. WorkOne Northeast will assist the company recruit, screen and train candidates for the new jobs. "Fort Wayne is proud to welcome HSAC to the corporate community of Northeast Indiana," said Mayor Graham Richard. "This new operation will allow the company closer proximity to key customers, as well as close proximity to HSAC¡¯s sister company in Ohio."