Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
According to BestPlaces.net, the cost of living in Fishers is nearly 27% higher than the state average.
Stevanato, an Italian-based life sciences company that makes glass vials and syringes for pharmaceuticals, has committed to paying employees at its new Fishers facility no less than $70,000 annually.
Plans for the company’s $500 million U.S. hub were first announced in 2021. At that time, Stevanato said it would invest $145 million in the facility and create 230 jobs; that was expanded in 2022 to a $512 million total investment and 515 jobs created by 2031.
“We are somewhat of a new entity in the region. For us, it’s important to attract the right resources for the success of our initiative,” Riccardo Butta, president of the Americas at Stevanato Group, told Inside Indiana Business reporter Kylie Veleta. “We come in with the intent to bring people in at the right level and to properly compensate them for what they bring.”
The 560,000-square-foot production facility along Cumberland Road south of 126th Street is now up and running. It features a cafeteria to encourage employees to eat meals together.
“We want to create the right environment for people and it starts with the elements of the package that you offer. I think it is why we decided to make such a statement,” Butta said.
Stevanato Group employs about 4,300 people around the world and has U.S. locations in California, Pennsylvania and Massachusetts.
Stevanato says being transparent about salaries also helps attract talent from other states.
“You look at Fishers, everyday there’s an announcement [about] someone else going in. Even in my experience two years ago, and looking at our progress, you see the cost of living going up, probably faster than average,” Butta said. “You need to make sure you’re at the top, because we are competing with big names.”
Fishers filled up the final eight acres of its 70-acre Life Science and Innovation Park last year.
“We really feel like the entire state is trying to create a life-science manufacturing ecosystem,” Mayor Scott Fadness told council members last month. “Right here in [Fishers], we’ve got the vast majority of those building blocks now committed and underway in short order here in the city.”
Last year, in a column for Inside INdiana Business about life sciences innovation, Fadness said the city has recruited and secured $750 million in investments.
To land Stevanato Group, Fishers provided the company with a 15-year tax abatement worth $9.2 million, a $2.4 million commercial property grant and nearly 36 acres the city owned at 126th and Cumberland.
The Indiana Economic Development Corp. offered Stevanato up to $2.9 million in tax credits and $500,000 in training grants that will be paid if the company meets its job-creation goals for the Fishers facility.
Please enable JavaScript to view this content.
Or how about moving to a lower cost area and reducing the prices to your customers.
Name me a lower cost of living area that also has the population base with the skillset who can fill these jobs…
This is not a honda plant you can build in the middle of nowhere and import employees from HCOL areas
Anthony–you keep swinging for the fence and missing.
OR, Anthony S…thinking that Eisenhower is the President and we should be in the haze of post war USA when everything was easy to solve… do you even know what Stevanato does? Its pharma/health care related…do you want real pros working in this area or folks who would rather live in Hooterville and shop at Sam’s General Store?
Jeez…
Anthony, for low cost there’s always China or India. But honestly, I’d rather have my drugs made and packaged in Indiana.
Their products are purchased by Pharma companies. They are glass vials and syringes. So lowering the price does nothing.
Great company based on another country intent in helping the area the built in. Well done 👍