Laserfiche WebLink
O� 11,013 T$.& <br /> 4 <br /> PEACE <br /> r <br /> r <br /> _. 1865 <br /> Office of the Mayor <br /> NEWS RELEASE <br /> February 12,2007 <br /> 3:10 p.m. <br /> Contact: Mikki Dobski, Director of Communications& Special Projects, 235-5855 or 876-1564 <br /> Don Inks, Director of Economic Development, 235-9339 <br /> Schafer Gear Works chooses South Bend for `substantial investment' <br /> A South Bend company is making an $843,000 investment in its headquarters in the <br /> city's Airport Economic Development Area rather than in two other cities where the firm <br /> has production facilities. <br /> The South Bend Common Council will consider a resolution tonight (Feb. 12,2007) to <br /> grant a five-year tax abatement to Schafer Gear Works, 4701 Nimtz Parkway, to enable <br /> the company to add new equipment and expand its operations. <br /> Schafer Gear Works, a leading producer of high-precision, custom-engineered gears and <br /> machined parts,will buy and install equipment valued at $843,000 and create one new, <br /> permanent full-time position with an estimated salary of$34,320. The new equipment <br /> consists of a gear-grinding machine plus automation and a hob sharpener. <br /> Schafer Gear Works was one of three companies cited by Mayor Stephen Luecke in his <br /> 2007 State of the City address on Feb. 5. At least two others,McCormick and Co. and <br /> Federal Mogul, also are "making substantial investments in new equipment for their <br /> facilities,"Luecke said. "In highly competitive markets,these businesses cannot maintain <br /> sales and employment levels without continual investment in more efficient equipment. <br /> In some instances, these investments do not bring new jobs, but they help to make the <br /> existing job base more secure." <br /> Schaefer's expansion will enable ongoing employment of the company's 73 full-time <br /> employees with an annual payroll of more than $2.7 million. <br /> -more- <br />