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Rootstown manufacturer receives $4 million
Published on Thursday, Jul 31, 2008
Beacon Journal staff report
The Ohio Department of Development announced it has issued a ''166 Direct Loan'' to seven recipients statewide for land and building acquisition, expansion or renovation and equipment purchases.
One area loan is for General Aluminum Manufacturing Co. in Rootstown, which obtained $4 million for a 10-year term at an interest rate of 1 percent for the first two years and 3 percent for the remainder.
General Aluminum, a unit of Cleveland-based Park-Ohio Holdings Corp., proposes to reopen Ravenna and Rootstown foundries. Its components are used in transmissions, car engines and other parts.
Separately, the state's Ohio Tax Credit Authority said it approved two 40 percent credits for five-year terms for General Aluminum. The state said the estimated value is $274,128 and the company would be required to keep the sites open for 10 years.
The state noted that it is competing with Indiana and
Mississippi for the $7.7 million project that calls for creating 200 jobs in the first three years of operations.
Businesses involved in other Tax Credit Authority actions:
• A. Schulman Inc. — The Fairlawn-based plastics and resins compounder was awarded a 45 percent credit with an estimated value of $209,175 over five years to expand its 164,000-square-foot Akron facility.
Schulman would be required to maintain operations for 10 years. The state said it is competing with Illinois, Indiana and Missouri for the overall $10.5 million project, which ''is expected to create 80 positions and retain 15 jobs within the first three years.''
• Snap-On Business Solutions — The subsidiary of Snap-On Inc., a data software company in automotive, power equipment and ''powersports'' markets, was awarded a 50 percent credit for seven years for a planned relocation to Medina or Summit County. The estimated tax credit value is $455,772 and the company would be required to maintain operations for 14 years.
The company will build a $14.9 million, 105,000-square-foot facility and consolidate headquarters operations from current locations in Richfield and Wooster.
The state said it is competing with Michigan on the project that is to create 50 jobs and retain 327 jobs within the first three years.
Get the full article here.
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