AUSTINTOWN - A local manufacturer is approved for a seven-year, 40 percent Job Creation Tax Credit on a proposed $6.5 million expansion that could bring 42 new jobs.
Hynes Industries, located on Four Mile Run Road on Austintown's east side, on Tuesday received word of approval of the tax credit valued at about an $108,000 savings.
The company, which already employs about 140 people, is considering the expansion and consolidation of its manufacturing and distribution facilities.
"Hynes Industries is a longtime, valued member of our business community. We hope that today's tax credit approval, along with other local and state support, will help company leadership in making the decision to move forward with their investment in Mahoning County," said Sarah Boyarko, the Regional Chamber's vice president of Economic Development, North America.
Along with the planned expansion and investment in building improvements and new machinery and equipment is the retention of 140 existing personnel, as well as the creation of the 42 new jobs over a three-year period.
As part of the job creation tax credit approval process, the company would have to remain in operation at the project site for a period of 10 years.
Operating since 1925, Hynes Industries specializes in customized metal processing for a large number of service centers, original equipment manufacturers and fabricators throughout North America. The volume of steel that the company processes exceeds 100 million pounds annually.
Demand for increased production capacity warrants expansion of both manufacturing floor space and additional equipment, the Chamber said in a prepared release.