ANDERSON — NTN Driveshaft, which first began operations in Anderson in 2017, has announced a $58 million expansion of its local facility.
NTN Driveshaft first announced the construction of a new plant in Anderson in 2016 with an initial investment of $84.5 million and the creation of 300 jobs.
Anderson Mayor Thomas Broderick, Jr. announced Friday that NTN and the city have reached an agreement that will allow for the expansion of NTN in Anderson.
The agreement provides that NTN will invest approximately $58 million in additional personal property in the city to be located in the NTN plant. The expansion will allow for heat treatment in the plant.
The expansion will create 140 new jobs at the facility with an annual payroll of $5.4 million, plus benefits. The average wage is expected to be $18.89 per hour.
The Anderson City Council will be asked to approve a preliminary resolution to provide a 75% tax abatement to the company for seven years.
Final approval by the council will be considered on March 12.
There are no infrastructure improvements required for the expansion at the plant located at 73rd Street and Layton Road.
This is the local first expansion of NTN Driveshaft, which currently employs 327 people. (Editor's note: The number of people employed at the NTN facility was reported incorrectly in the initial version of this article.)
The company expects to have approximately 500 jobs in Anderson by 2023.
The tax abatement agreement for NTN in 2015 was 100% for 10 years.
“We are pleased that NTN and the city were able to come to an agreement that will allow this important company to continue to expand and remain part of our community,” Broderick said in a press release. “This agreement is favorable to both the city and NTN. This new investment into our community will bring new employment and continued economic growth for our citizens.
“This reduced abatement will provide for immediate tax payments upon the property becoming assessable, which will produce tax revenue over the life of the abatement of over $2 million,” Broderick said. “Additionally, after the seven-year abatement we expect to receive over $500,000 per year in taxes.”
NTK Precision Axle, a sister company to NTN, made an initial investment of $98 million in Anderson in 2018 creating 198 jobs.
Last year the company invested an additional $47 million in equipment transferred from its Frankfort facility.
The new equipment is expected to create an additional 100 jobs.
“We are excited that we continue to be successful in bringing new jobs and opportunities into our community,” Greg Winkler, executive director of the Anderson Economic Development Department, said of the latest expansion of NTN Driveshaft.