INOX picks central Indiana for stainless service center

Padua, Italy-based stainless steel processing company INOX Market Service has announced plans to establish its North American headquarters and a service center in Muncie, Indiana. The facility is expected to employ some 100 people by the end of 2024 and is likely to generate some stainless steel scrap.

INOX has operations in Europe, Mexico and India and will invest more than $15 million to launch INOX Market North America (IMNA). The facility in Muncie will be nearly 140,000 square feet in size and “will allow INOX to expand its stainless steel slitting and forming operations, while growing customer demand in the home appliance, elevator and escalator and industrial sectors.”

The company, in a news release issued jointly with the Indiana Economic Development Corporation (IEDC), says construction is scheduled to begin this summer with production at the facility starting in the spring of 2021.

“We looked at multiple locations within the United States, and after meeting with state and Delaware County [Indiana] officials, we quickly recognized that their organization and personalized support exceeded that of many other states,” says Federico Sbettega, owner and INOX board member.

Once operational, IMNA will receive what it calls Class A austenitic, ferritic and low-nickel stainless steel coils and cut and form the steel for various uses.

IEDC says it has offered INOX up to $1.15 million in conditional tax credits based on the company’s job creation plans.