An Illinois-based heavy-duty forklift manufacturer plans to spend more than $40 million to expand its operations into Indiana, creating up to 500 jobs by the end of 2022, the Indiana Economic Development Corp. disclosed Wednesday.

Hoist Liftruck Mfg. Inc., which is based in the Chicago suburb of Bedford Park, plans to purchase, renovate and equip an approximately 550,000-square-foot building in East Chicago. The property was formerly used by a company that manufactured tanks for the U.S. Army, but has been vacant for about 10 years.

A contract filed with the IEDC says Hoist Liftruck is expected to make a total capital investment of $41.6 million.

Hoist Liftruck said it expects to close on the property this summer and hire hundreds of workers this year. The 35-year-old company currently has about 300 employees.

The IEDC said it offered Hoist Liftrucks up to $8.25 million in conditional tax credits and up to $200,000 in training grants.

The city of East Chicago, the Northwest Indiana Regional Development Authority and Northern Indiana Public Service Co. have approved additional incentives.