Southern Indiana Business Report
Peak Toolworks is being recognized for the company’s extensive inventory and leading role in the design and distribution of industrial tool holders, cutting tools, and accessories. The company was founded 81 years ago with well-known brands such as Peak, NAP, General Saw, BKO, Gladu, and Riverside name, is headquartered in Jasper Indiana. Now Peak is one of the recent recipients of the sixth round of Manufacturing Readiness Grants presented by the Indiana Economic Development Corporation (IEDC) and Conexus Indiana. These grants are intended to support advanced manufacturing and logistics technology in companies throughout the state.
“Peak Toolworks is taking the initiative to supply its workforce with the means to further Indiana’s competitive advantage in advanced manufacturing and logistics,” said Phillip Arnold, chief financial officer for Peak Toolworks. “Through participation in the Manufacturing Readiness Grant program, we purchased additional robotic machinery to further enhance employee safety and productivity.”
The Conexus grant of $60,763 allows Peak Toolworks to upgrade its manufacturing operations through investment in automated manufacturing equipment such as robotics for auto-loading the company’s vast inventory of tools. The investment in the new technology will shift employees from tedious tasks to higher-value, higher-paying activities, rather than displacing any workforce.
Launched in 2020, the Indiana Manufacturing Readiness Grants program was created to stimulate private sector investments that would modernize Indiana’s manufacturing industry. $17.4 million in grant funding has been awarded to 212 companies in 60 counties, assisting projects with total investments of $138.9 million and $22 million in estimated new wages. The awards support modernization at primarily small and mid-sized firms (average of 165 employees) with long histories of participation in Indiana’s manufacturing economy (average of 37 years in operation). Peak Toolworks received its grant to invest in automated equipment for its tool manufacturing processes and robotics for auto-loading thousands of tools. Grants require a minimum 1:1 match, with the recipient covering at least half of the project cost unless otherwise specified. Awardees are also expected to participate in case studies once grant projects are successfully completed.
“We are very fortunate Peak Toolworks and Indiana Furniture are located in Dubois County. Their drive to further automate and innovate their manufacturing operations makes them excellent recipients of the Indiana Manufacturing Readiness Grant. I’m excited to see these outstanding companies continue to thrive in Dubois County,” said Ed Cole, President of Dubois Strong.
Given Indiana’s manufacturing-intensive economy, industrial modernization remains a fundamental requirement for sustainable economic growth. Indiana has the largest concentration of manufacturing among the states, accounting for 26.41 percent of the total output of the state’s economy and $100.26 billion in 2019, employing 16.37 percent of the workforce.