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Applied Composites Engineering to Expand

25 August 2006

Indianapolis’ Applied Composites Engineering is expanding its headquarters and will create 20 new jobs.

Indianapolis Mayor Bart Peterson says that the first half of 2006 has been very successful. During the period, 26 projects have been announced that will create more than 2,200 new jobs and retain 11,800 positions. The half-year totals are higher than the 1,890 new jobs committed to Indianapolis during all of 2005.

The Mayor touted companies like Applied Composites Engineering, which plans to make a significant investment to expand its headquarters on the westside and increase its workforce of 30 people by more than 50 percent.

“It’s the deals like FedEx and Roll-Royce that grab headlines – and for good reason since these companies are two of the largest employers in our city. But we will never lose our focus on supporting the growth of our homegrown businesses that are a huge driver of our local economy,” Mayor Peterson said. “Companies like Applied Composites are vital to diversifying our economy and creating the type of quality, good paying jobs that have us outpacing our Midwestern peer cities in job growth.”

To support their continued expansion, the City of Indianapolis and the Metropolitan Development Commission has approved a five-year tax abatement worth approximately $134,700 in exchange for Applied Composite’s commitment to create 20 new jobs while retaining 30 positions, and investing more than $2 million in their westside headquarters.

“Indianapolis has a skilled workforce, a low cost of doing business and excellent incentive programs that have helped us grow our business,” said company president Leigh Sargent.