State OKs tax credit for company in Austintown
AUSTINTOWN — The state has agreed to give a manufacturer with operations in the Mahoning Valley a multi-year tax credit that would help it expand and consolidate in the township.
On Monday, Gov. John Kasich announced that the Ohio Tax Credit Authority approved a 2.317 percent, eight-year job creation tax credit for Spirex Corp., a Boardman company owned by Westlake-based Nordson Corp.
In return, the company would be required to maintain operations in the township at least 11 years, according to a news release from the governor’s office.
Nordson, which engineers and manufactures various products including coatings and sealants, announced in September that the company is considering combining its existing operations in Boardman, New Castle, Pa., and Virginia, and moving them to a building on Victoria Road in Austintown that formerly housed Tamarkin, a Giant Eagle frozen food warehouse.
Sarah Boyarko, senior vice president of economic development for the Youngstown Warren Regional Chamber, said Monday the tax credit is a positive step for Nordson, but the company has not yet announced a final decision on the Austintown site. The chamber helped the company locate the property.
The township would still need to approve the plan, Austintown officials said.
If the company makes the move, it is expected to create 143 full-time positions, generating $7.7 million in new, annual payroll and retaining $6.3 million in existing payroll.
Nordson acquired Spirex in 2009, according to the company’s website.
The governor’s news release states, “There is an opportunity for significant job creation in a targeted industry and heavy competition from other states. The company cannot expand at their current Boardman location and all of the positions are at risk.”