LP Firm to be Bought, Expanded

A La Porte manufacturing company possibly on the verge of closing will be given a new lease on life and with added jobs in the mix.

The companies involved will not be disclosed until a formal announcement, which is scheduled for Aug. 5 by the firm making the investment.

Greater La Porte Economic Development Corp. executive director Tim Gropp said an existing manufacturing firm will be bought with the closing process set to begin Aug. 3.

''We hope everything comes together,'' Gropp said.

Plans also call for new high-tech equipment to be added to the existing company to develop a new product line, something that could produce as many as 40 new jobs to the current workforce of 39, Gropp said.
Gropp said the new company was looking at several facilities in other states for its business venture and need for corporate restructuring.

He said Indiana was ''very welcoming'' with financial incentives for the company. Gropp said the new company also is eligible for tax abatement from the city on the new equipment and other financial breaks from the city's urban enterprize zone.

Without the acquisition, Gropp and La Porte Chamber of Commerce president Mike Seitz said the existing company's future  might have been shaky.

''It was a struggling company. They did have their doors open and they were functioning, but it definitely is going to be in a much better position after the acquisition,'' Gropp said.

Seitz said the company is making a ''substantial investment'' and the prospect of adding jobs as opposed to losing jobs right now will be beneficial.

''It's a good thing especially in these economic times,'' Seitz said.

Source: NWI Times