Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowHurco Cos. Inc. plans to move some of its manufacturing operations from Italy to its headquarters in Indianapolis, creating 35 local jobs by the end of 2017, the company disclosed in a tax-abatement request with the city.
Hurco said it would spend $2.6 million to install manufacturing equipment at its 343,000-square-foot facility in Pike Township, which is home to 136 existing office and assembly employees.
The equipment would allow it to move motorized spindle manufacturing operations from Asti, Italy, to Indianapolis and establish its first manufacturing operation in the United States in years.
Hurco is seeking a personal property tax abatement that would save the company $121,822, or 61 percent, over the eight-year abatement period. The company would pay $75,830 in taxes related to the equipment over that period, plus an estimated $20,446 annually after the abatement ends.
The Department of Metropolitan Development is recommending approval of the abatement. The request will receive a preliminary hearing Wednesday at the Metropolitan Development Commission meeting and could receive final approval Aug. 19.
Hurco is an industrial technology company that designs and produces interactive computer controls, software and computerized machine tools. It has operations in 12 countries.
Company shares were down 10 cents Tuesday morning, to $30.73 each.
Please enable JavaScript to view this content.