LORDSTOWN - An aluminum extrusion manufacturer considering a $92 million local plant said the state's decision Monday to grant it an Ohio tax credit has brought the company one step closer to Lordstown.
The Ohio Job Creation Tax Credit Authority on Monday approved tax credits for the potential economic development project in Lordstown that could create $92 million in investment and 60 jobs with an annual $4 million payroll.
Word that Matalco Inc., an Ontario-based aluminum extrusion manufacturer with U.S. and Canadian operations, was considering the purchase of more than 30 acres along state Route 45 near the Ohio Commerce Center, was first reported in early October.
The company, which already operates a plant in Canton, also is considering sites in Michigan, Indiana and Pennsylvania, Robert Roscetti, Matalco's director of corporate development, has said.
"No decision yet; however, with the 50 percent JCTC being approved, it brings us one step closer," Roscetti said in an email to the Tribune Chronicle. He said last month that the company is expected to make a decision in "coming weeks."
The Ohio Tax Credit Authority's approval would give the company an eight-year, 50-percent job creation tax credit valued at $450,000. The company also would receive an economic development grant from the state and work force services and on-the-job training assistance from Trumbull County One Stop, according to the Youngstown-Warren Regional Chamber.
Matalco also has received a 75-percent, 10-year property tax abatement from the village of Lordstown.
The company is considering construction of a remelt aluminum extrusion billet facility in Lordstown.
Sarah Boyarko, the Regional Chamber's vice president for Economic Development, North America, said the Chamber has worked with real estate firm CBRE to identify a suitable property for Matalco and provided a significant amount of project assistance over the last year.
"We have been in competition with multiple out-of-state locations throughout the process of working with Matalco. This opportunity would be a big win for the village of Lordstown, and we hope that today's announcement of assistance from the state of Ohio will help to bring this investment to Trumbull County."
Matalco in August announced plans for a U.S. expansion. The company produces extrusion grade aluminum billets primarily from scrap aluminum. Its two existing locations serve the U.S. Midwest and Northeast along with Canadian markets.
In unrelated action, the Ohio Job Creation Tax Credit Authority postponed making a decision on tax credits for Network Solutions Provider for a potential project in Youngstown. The technology integrator provides tier 1 technical support for cloud and business mobility and tier 3 and 4 business-to-business technical engineering support.
The company has identified a property in downtown Youngstown for operations, but has not finalized its lease. They are talking with the city's economic development office about additional assistance to support their pending investment.