CVS plans to close 900 stores in next three years
CVS Health announced it is shuttering 900 stores over the next three years. The move is to make sure it has the “right kinds of stores in the right locations for consumers and for the business” amid changing “consumer buying patterns.”
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An Ireland-based company is expanding its Indianapolis operations with plans to create hundreds of new jobs by 2026.
Lock manufacturer Schlage Lock Company LLC, a subsidiary of Dublin-based Allegion plc, will add 325 new jobs in the Indianapolis area over the next five years, Allegion and state officials announced Monday.
Allegion, a home and business security company, will invest $13 million into expanding Schlage’s local operations. The investment will pay for enhancing the company’s manufacturing and engineering capabilities as well as expanding its information technology and innovation expertise.
And while the company describes the new jobs as “high wage,” it did not say how much the open positions in manufacturing, product management, engineering and other positions would pay.
In exchange for creating the new jobs, the Indiana Economic Development Corporation is offering Allegion an incentive package that includes up to $7.5 million in performance-based tax credits and $100,000 in conditional training grants. The incentives are pending approval of the IEDC board of directors.
“Since becoming a standalone company, we’ve also been proud to call Indiana the home of our Americas regional headquarters,” Luis Orbegoso, senior vice president and president of Allegion Americas, said in a statement. “We added to our presence with the opening of our Hague Road Technical Center in 2019. Now, we look forward to the next chapter of innovating and creating in Indiana to support our global vision of seamless access and a safer world.”
Allegion has roughly 1,300 employees across four sites in Central Indiana, including remote workers. Schlage, its subsidiary, manufactures locks, knobs and levers for exterior and interior doors. The company’s product selection includes mechanical, touch screen and electronic locks.
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Allegion is publicly-traded on the New York Stock Exchange under the symbol ALLE. It was trading at $133.53 Monday afternoon.
Hague Road Technical Center is located at 8750 Hague Road in Indianapolis. Other Allegion locations include the Schlage Lock Company’s headquarters in Carmel as well as manufacturing operations on Tobey Drive and East 33rd Street in Indianapolis.
Most of the investments will be made at the Indianapolis manufacturing operations.