This from the Pharos Tribune:
PERU, IN — Snavely Machine and Manufacturing Co. is set to invest $5 million in equipment and facility upgrades and hire 20 new workers to meet an increasing demand for parts from the automotive industry. Chief Financial Officer Jason Amonett said the company will spend $4.8 million to purchase around 12 pieces of equipment, including lathes and milling machines, to fulfill larger orders coming in on the company’s automotive contracts. The installation of the equipment should begin in July and be complete by November 2019. Amonett said the company will also spend $250,000 to build new docking stations at its facility at 1070 Industrial Parkway. The new investment will create 20 new jobs, which will pay $14.50 an hour, according to documents filed with the Indiana Department of Local Government Finance. Snavely currently employs 170 workers, who make on average nearly $17 an hour, making it one of the top five employers in Miami County. In just the last three years, it has added more than 50 jobs. Amonett said the company has increased pay for workers over the last couple of years and hopes to continue to increase wages into the future. The Peru City Council Monday approved a 5-year tax abatement for Snavely, during which the company only pays 30 percent of taxes on the new equipment and loading docks. The investment comes after the company in 2015 spent $3.5 million on 13 new pieces of equipment to manufacture GM Sun Gear 9-speed transmissions. The move added nine new jobs. Less than a year before that, the company spent $4.5 million on other new production equipment. Since 2011, Snavely has consistently expanded its workforce despite nearly closing during the economic recession.