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Hercules Machinery Corp. expansion to create 9 jobs

A local manufacturer is planning to create nine jobs by mid-2015 as it invests $1.3 million in new equipment and real estate improvements, according to paperwork filed with Allen County.

Hercules Machinery Corp. already employs 30 workers full time at 5225 New Haven Ave., New Haven. The company has the opportunity to expand to adjacent property. The new jobs will be welding, CNC machine operating, assembly, sales and accounting positions.

The company makes, sells and leases construction equipment such as diesel pile-driving hammers and foundation-related machinery.

Nikki Liter, the county’s economic development specialist, estimated that Hercules could save $71,500 in taxes over seven years if recommended phase-ins are approved by the Allen County Council.

Intern program uses grant for 3-year plan

Indiana INTERNnet will implement a three-year plan to strengthen its services, encourage participation and improve networking among employers, colleges, universities and students, officials said Friday.

A $600,000 grant from Lilly Endowment will help the organization “take things to the next level,” Executive Director Janet Boston said.

The statewide resource for high school and college internships is managed by the Indiana Chamber of Commerce, a nonprofit organization. The service has helped connect more than 50,000 student interns and 5,500 employers.

New Yorkers targeted by ad touting Indiana

Indiana’s economic development officials are again targeting New Yorkers.

The Indiana Economic Development Corp. spent $60,000 for a full-page ad that will run Sunday in the New York Times’ business section in New York, New Jersey and Connecticut. The text reads: “New York: If you can make it there, you can make a lot more of it here. Indiana: A state that works.”

The cost is being covered by private donations, spokeswoman Katelyn Hancock said.

JPMorgan Chase CEO’s pay nearly doubled

JPMorgan Chase almost doubled Chairman and CEO Jamie Dimon’s pay for 2013, rewarding the executive for settling probes against the bank.

Dimon will receive total compensation of $20 million in 2013: $18.5 million in stock options and a base salary of $1.5 million, the bank said Friday.

JPMorgan agreed in November to pay $13 billion in a settlement with the Department of Justice and acknowledged it misled investors about risky mortgage-backed securities ahead of the 2008 financial crisis.