A Kokomo-based engineering and manufacturing company has announced plans to expand. Coan Engineering, a leading designer of high performance transmissions, torque converters and related components, will be investing $1.4 million at their new Kokomo facility.
The Kokomo Common Council is expected to vote on a resolution to provide the company with a three-year tax abatement on the new machinery and equipment related to the expansion. The Greater Kokomo Economic Development Alliance helped to facilitate other financial incentives through the Indiana Economic Development Corporation.
Coan Engineering currently has 31 employees and anticipates hiring for ten fulltime skilled positions. The company expects to begin immediately installing equipment in their new 46,000 square foot manufacturing facility.
“The City of Kokomo is pleased to assist Coan Engineering with the growth and development of this homegrown business,” said Kokomo Mayor Greg Goodnight. “The company’s expansion reinforces our strength as an advanced manufacturing center and continues Kokomo’s manufacturing momentum.”
A September report released by the U.S. Department of Commerce noted that Kokomo experienced a 3.3 percent growth in GDP for 2013. This rate of increase placed Kokomo second among Indiana’s fifteen metro areas, and 82nd out of 381 metro areas for GDP growth.
“Our design philosophy is very aggressive which allows us to continually launch new products,” said Jason Coan, owner Coan Engineering. “The growing sales of our high performance transmission component line has forced the need for us to expand our manufacturing capacity. As a family, we have deep roots in Kokomo and Eastern Howard County so it was natural for us to pursue expansion opportunities near home. We are excited to partner with the City of Kokomo and the IEDC to bring new high tech manufacturing equipment along with the opportunity for new skilled employment to Kokomo.”
Coan Engineering was founded in 1976 by David Coan. The company started with two employees who worked in a small garage in Kokomo, Indiana. The company has grown to design and custom manufacture high performance transmissions, torque converters and related components for the drag racing, off-road, monster truck and performance street market. Coan Engineering utilizes advanced design and manufacturing technologies to develop and machine its components.