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Superconductive Components Receives $631,687
Financing from State of Ohio
Columbus, OH, September 25:
Governor Bob Taft today announced that the Development Financing Advisory
Council (DFAC) has approved loans and bonds totaling more than $18 million for
eight economic development projects. The loans, which are pending State
Controlling Board approval, are expected to create 318 jobs and retain 937
positions.
Solid Waste Authority of Central Ohio (SWACO), to be located in Columbus
(Franklin County), will receive a $2 million 166 Direct Loan at an interest rate
of one percent for years one and two and four percent for years three through
seven. The SWACO will construct a new facility and acquire new machinery and
equipment in support of the establishment of a new plant by RASTRA Ohio, Inc. (RASTRA),
a building materials manufacturer. The project consists of the construction
20,000 square foot facility and the acquisition of new machinery and equipment.
The new facility will be located on a 3 acre site at 2500 Jackson Pike within a
eco-industrial park in the southern part of Columbus. SWACO will lease the new
facility to RASTRA. RASTRA's manufacturing process uses fully automated
machinery that will be installed in the specially designed facility. The
machinery equipment purchase will include injection molding machines, silos and
industrial mixers, curing racks and tooling equipment. This more than $6 million
project is expected to create 50 jobs at the project site within the first three
years of the project's initial operation.
Natural Fiber Composites Corporation (NFCC), located in Mount Vernon
(Knox County), will receive a $1,483,530 Innovation Ohio Loan at an interest
rate of 7.5 percent for a seven and a half year term for costs associated with
the acquisition of machinery and equipment, computers and office equipment and
intellectual property protection costs, as well as leasehold improvements. NFCC
was recently formed by the principals of Engineering Mechanics Corporation of
Columbus (EMCC) to commercialize a technology involving natural composites as
reinforcements for plastics and composites. These natural fibers such as flax,
kenaf and jute have similar mechanical properties to fiberglass, and are
lighter, inexpensive, renewable, recyclable, non-abrasive and are safer for
employees during the manufacturing process. The company proposes to build and
install a pilot plant to produce Natural Fiber Reinforced Plastic. The plant
will have a capacity of six million pounds a year and NFCC expects to grow the
production in the first two years to full pilot-plant capacity. This more than
$1.9 million project is expected to create 16 jobs at the project site within
the first three years of the project's initial operation.
Superconductive Components, Inc., on behalf of SCI Engineered Materials (SCI),
located in Columbus (Franklin County), will receive a $631,687 Innovation Ohio
Loan at an interest rate of 7.5 percent for a seven year term for costs
associated with the acquisition of machinery and equipment. SCI began operations
in 1987 conducting applied research in high temperature superconducting (HTS)
materials. The company now manufactures ceramic sputtering targets for the
physical vapor deposition industry. A key market for the company is the thin
film battery market. The company proposes to purchase a 50-ton vacuum hot press,
grinders, a sputtering system, sedigraph and a spectrophotometer to allow for
increased production capacity and meet the growing demand from customers and
allow for entrance into new markets. This more than $800,000 project is expected
to create eight jobs and retain two positions at the project site within the
first three years of the project's initial operation.
Abbott's Ross Products Division, located in Columbus (Franklin County),
will receive a $5 million 166 Direct Loan at an interest rate of three percent
for a ten year term for costs associated with the acquisition of machinery and
equipment. Abbott is a publicly traded company with its corporate headquarters
in Illinois. The Ross Products Division facility has been located in the city of
Columbus since 1903. Ross Laboratories was purchased by Abbott in 1964 and
became the Ross Products Division of Abbott Laboratories. Abbott is a
broad-based health care company presently serving customers in 130 countries
with 65,000 employees in over 100 locations worldwide. Ross' Columbus plant
produces infant nutritional products in 2-ounce and 32-ounce ready-to-feed
bottles. These products include Similac, Isomil, and Alimentum. The company
proposes to purchase machinery and equipment to produce, fill and package eight
ounce reclosable plastic bottles for both infant and adult nutritional products,
including PediaSure and Ensure. Governor Taft discussed this project with
officials from Abbot when he met with them during his Domestic Trade Mission to
Chicago in March. This more than $39 million project is expected to create 92
jobs and retain 299 positions at the project site within the first three years
of the project's initial operation.
AmeriCold Logistics, LLC (AmeriCold), located Massillon (Stark County),
will receive a $1.5 million 166 Direct Loan at an interest rate of three percent
for a seven year term for costs associated with the acquisition of machinery and
equipment. AmeriCold is the largest provider of third-party
temperature-controlled supply chain services in the United States, including
warehousing and distribution, transportation management, and supply chain
optimization services. AmeriCold owns and/or leases and operates 100 cold
storage warehouse facilities across the United States and handles over 60
billion pounds of freight annually. The company proposes to purchase new
machinery and equipment and lease a 187,310 square foot facility to be used as a
third party warehouse and distribution center serving primarily the H.J. Heinz
Company. This $2 million project is expected to create 40 jobs at the project
site within the first three years of the project's initial operation.
Weastec, Inc., located Hillsboro (Highland County), will receive a $2.5
million 166 Direct Loan at an interest rate of zero percent for years one and
two and four percent for years three and four for a for costs associated with
the acquisition of machinery and equipment. Weastec was founded in 1998 as a
subsidiary of Toyo Denso Co. Ltd., an auto parts manufacturer headquartered in
Tokyo, and operates three manufacturing facilities and one engineering office in
Ohio. The company produces electrical components for the automotive industry and
its primary products are ignition systems, sensors and cabin switches. Weastec
also has design capability for ignition coils, electronic sensors and
electromechanical switches. The company proposes to purchase new machinery and
equipment, including injection molding presses, winding lines, coil assembly and
cutting machines, as well as tooling to produce ignition coils for
DaimlerChrysler. This more than $10 million project is expected to create 42
jobs and maintain 447 positions at the project site within the first three years
of the project's initial operation.
Butler County Port Authority (Port), on behalf of Quaker Chemical Corporation
(Quaker), located Middletown (Butler County), will receive a $3.5 million
166 Direct Loan at an interest rate of up to three percent for a sixteen and a
half year term to add production capacity by expanding Quaker's current
facility. Quaker develops, produces and markets a broad range of formulated
chemical specialty products for various heavy industrial and manufacturing
applications. The company's principal products and services include rolling
lubricants, corrosion preventives, metal finishing compounds, machining and
grinding compounds, forming compounds and hydraulic fluids. Quaker and the Port
propose to construct a 60,000 square foot addition to an existing 40,000
square-foot facility to enable for increased production capacity and operating
efficiencies. This $30 million project is expected to create 45 jobs and retain
40 positions at the project site within the first three years of the project's
initial operation.
Techmetals, Inc., located Dayton (Montgomery County), will receive a
$1.75 million Research and Development Investment Loan Fund loan at an interest
rate of two percent for a 12-year term to expand its current facility in order
to increase research and development capabilities, restructure their
manufacturing space and increase their production capacity. Techmetals, an Ohio
S-Corporation, is a high-end metal finishing company that designs and develops
materials, engineering and processes for metal coatings for a variety of
applications in the aerospace, defense, automotive, printing, communications,
fiber optics, food and medical industries. The company has also grown its
capabilities to include plating of different types of metals with nickel, chrome
and specialty finishes. The expansion will provide additional space to allow for
the development of new coating and finishing methods and increase efficiency in
operating and production systems. This $3.5 million project is expected to
create 25 jobs and retain 149 positions at the project site within the first
three years of the project's initial operation.
The Research and Development Loan Fund (R&D) targets large investments
from companies involved in research and development projects with significant
assets and sales, and assists in financing the acquisition, construction and
related costs of technology, facilities and equipment. The 166 Direct Loan
program provides loans for land and building acquisition, expansion or
renovation, and equipment purchase. The Innovation Ohio Fund Loan (IOF)
assists existing Ohio companies develop next generation products in industry
sectors that include: advanced materials; instrument, controls and electronics;
power and propulsion; biosciences; and information technology.
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