Ford Expands Component Plant for European Export
Sep. 28, 1992
INDIANAPOLIS (AP) _ Ford Motor Co.'s plant here on Monday began building steering components for export to Europe, part of an expansion that cost the automaker more than $150 million.
Ford renovated and retooled nearly 200,000 square feet of the Indianapolis plant. The new export business will help create more than 300 jobs at the factory, which now employs more than 2,800 workers.
Production began at the 35-year-old plant during a ceremony attended by Indiana Gov. Evan Bayh.
The steering components manufactured at the plant will be shipped to Ford's European assembly plants. The company estimates the exports will reach $100 million by the end of 1993.
Plant manager Stan Knight said the decision to export comes from the increased popularity of power steering in Europe, where manual transmission cars dominate.
The Indianapolis plant will continue to be the sole supplier of steering components for all Ford vehicles made in North America.
The state of Indiana contributed $400,000 in training funds to aid the project and the city of Indianapolis granted Ford a five-year, $20 million tax abatement. City officials said that is the largest economic development package Indianapolis has ever given to an existing business.