Three companies are in line to get state tax breaks totaling nearly $880,000, including a Wooster company that plans to create 120 new jobs.
Wooster Tool & Die plans to use its $433,595 tax credit for an expansion that would involve increasing employment from 110 to 230 at its current facility.
Meanwhile, in Hudson, SMC Design Dynamics plans to use its $54,753 tax credit to help with its expansion and relocation to Twinsburg. The project would involve the creation of 20 full-time equivalent jobs, the company told the state.
Also Monday, the Ohio Tax Authority approved a $389,587 tax credit for Lexi-Comp Inc. of Hudson. Lexi-Comp expects to create 30 full-time equivalent employees, creating an international line of business. Here is other information on the three tax credits awarded Monday:
• Wooster Tool & Die — The company makes gas and oil separators and gas production units that are used by companies that use hydraulic fracturing — or fracking — to extract energy from Ohio’s Utica shale.
Worthington Industries of Columbus acquired the facility as part of its purchase of Westerman Inc. last fall.
“We were looking to enter the oil and gas energy segment,” said Sonya Higginbotham, a Worthington Industries spokeswoman.
The $433,595 tax credit would be paid over seven years. Wooster Tool & Die told the state the 120 jobs would generate roughly $5.4 million in additional annual payroll. That’s an average of about $45,000 per worker.
The business must maintain operations in Wooster for at least 10 years to get the full tax credit.
• SMC Design Dynamics — This company, a unit of medical device maker SMC Ltd. of Somerset, Wis., is now at Georgetown Road in Hudson. It plans to move to Edison Boulevard in Twinsburg.
The $54,753 tax credit would be paid over six years. The company told the state the 20 additional jobs would result in $900,000 in annual payroll. That’s an average of $45,000 per worker.
The company must maintain operations in Twinsburg for nine years to receive the full credit.
• Lexi-Comp Inc.— The Hudson company provides drug information to those who work in the healthcare industry.
The 30 additional jobs would generate $2.7 million in additional annual payroll.
The company must remain in Hudson 10 years to get the full credit.
Katie Byard can be reached at 330-996-3781 or firstname.lastname@example.org.