Bishop Steering Technology Inc., a designer of steering gear technologies for the automotive and racing industries, announced plans to expand its operations here, creating up to 25 new jobs by 2014.
The company will invest $10.4 million to lease and equip a 13,000 square-foot facility.
Bishop, which currently has 26 full-time employees in Indiana, plans to begin hiring production engineers, operators and logistics associates next year.
“Having an innovative company like Bishop growing in Indiana is further evidence of our state’s successful pro-business climate,” said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corp. “This expansion adds to Indiana’s already cutting edge automotive industry and further enhances our position as the motorsports capital of the world.”
The company’s founder, Arthur Bishop, invented VR steering for aircraft nose wheels and motor vehicles and was granted the first variable ratio rack and pinion patent for cars. In January 2011, Bishop was acquired by GMH Stahlverarbeitung GmbH, a subsidiary company of the Steel Processing Unit of Georgesmarienhütte Holding GmbH. Today, Bishop has more than 250 patents and patent applications in 17 countries as well as numerous licensees worldwide.
“Bishop is proud to call Indiana home,” said John G. Naidus, president and director of Bishop Steering Technology. “The cooperation and assistance from both Indiana state officials and representatives from the city of Indianapolis have helped Bishop obtain a competitive edge in the market place, both financially and with the assistance to develop quality staff. As a long-time resident of Indiana, I know Indiana is a great place for employees to live and raise their families. Choosing Indiana was an easy decision.”
The Indiana Economic Development Corporation offered Bishop Steering Technology, Inc. up to $200,000 in performance-based tax credits based on the company’s job creation plans. The city of Indianapolis will consider additional property tax abatement at the request of Develop Indy.
Bishop’s announcement comes just one week after Project Lead the Way, a national nonprofit that provides education curricular programs for middle and high schools, announced plans to relocate its headquarters from New York to Indianapolis. As part of the project, the company plans to invest $6.37 million and create up to 44 new jobs by 2014.