VT Industries to expand production capacity at New Albany location

Expansion plans include 22 new employees by 2010

NEW ALBANY, Ind. – (July 27, 2009) – One Southern Indiana is pleased to announce VT Industries’ plans to expand its New Albany production facility located at 890 Central Court. The expansion will result as VT relocates its stile and rail door production from its Holstein, Iowa headquarters to its IDEAL Door Division in New Albany. Set for completion by the end of March 2010, the move includes increased production capacity with an additional structure totaling approximately 100,000 square feet. The new structure, built by Koetter Construction, will be located on a five-acre parcel adjacent to its current facilities.

“This move is a great opportunity to not only increase production of flush wood doors produced in Holstein but to increase production of our stile and rail doors and our high-end custom doors manufactured at the IDEAL facility”, explains Jason Farver, vice president of VT Architectural Wood Doors.

The transition will enable VT’s Iowa facility to produce more flush doors at reduced lead times and provide an excellent opportunity for growth in its premium stile and rail, custom, and oversized doors manufactured at its New Albany IDEAL Door Division.

“This is a very exciting time for the entire VT/IDEAL team. We are very pleased with the opportunity to expand our current production capabilities and we are excited to be able to do so here in New Albany,” adds Brian Miller, general manager for the IDEAL Division of VT Industries.

“Southern Indiana has the workforce and infrastructure to accommodate VT Industries’ growth plans in meeting its customers’ needs well into the future,” said Michael Dalby, president and CEO of One Southern Indiana. ”We welcome their expansion in our region and look forward to witnessing the success of the company for many years to come.”

Since its creation in July 2006, One Southern Indiana’s economic development efforts have resulted in commitments for approximately 4,898 net new jobs in Clark and Floyd Counties. VT Industries represents the organization’s 52nd successful project location or expansion. Combined, these 52 locations will contribute more than $222 million in new initial capital and $170 million in new annual payroll to Southern Indiana.

Through the assistance of One Southern Indiana, the City of New Albany has approved VT Industries for real and personal property tax abatement related to this expansion project. This allows the company to phase-in its property taxes while simultaneously increasing the local tax base. The Indiana Economic Development Corporation (IEDC) has offered VT Industries up to $150,000 in performance-based tax credits and up to $25,000 in training grants based on the company’s capital investment and job creation plans.

“The City of New Albany is pleased VT Industries chose to continue its growth and success at the IDEALDoor Division,” said New Albany Mayor Doug England. “Their investment and job creation is welcome news in this economy.”

About One Southern Indiana:
One Southern Indiana is a business advancement organization dedicated to supporting entrepreneurship, existing business growth, and attracting new enterprises to the Southern Indiana/Greater Louisville region. Representing more than 1,200 businesses, One Southern Indiana provides its clients with business intelligence, advocacy, and connections solutions in support of regional business innovation. For more information, please visit www.1si.org.

About VT Industries:
Headquartered in Holstein, Iowa, VT Industries, Inc. is North America’s leading manufacturer of postformed laminate countertops, architectural wood doors, and recently stone surfaces. VT Industries manufactures interior architectural doors ranging from flush doors to custom doors such as oversized, sketch-face, and premium stile and rail doors. Visit the company’s Web site at www.vtindustries.com for more information.

CONTACT:
Ginger Wilding Cloud (for One Southern Indiana)
Office: 502-742-9187
Cell: 502-550-7802
ginger@distinctive-marketing.com