According to Cleveland.com, the Ohio Tax Credit Authority on Monday approved several Northeast Ohio business expansions at its regular monthly meeting.
Since last year, dozens of companies have committed to hiring hundreds of Ohio workers to serve drilling efforts in Ohio. The Timken Co. said its decision to spend $225 million to expand its Faircrest Steel Plant near Canton, for example, was driven by expected demand for specialty steel for drilling companies. French company Vallourec announced plans in November to expand its steel operations in Youngstown as did Republic Steel in Lorain County.
While the Baker Hughes project for a 700-job regional headquarters in Massillon was the largest approved Monday, several Northeast Ohio businesses got incentives to expand:
•Certech, a New Jersey company that makes ceramic components used in metal casting, received tax breaks to invest $6.6 million and create 80 jobs in Twinsburg. The company would also retain an undisclosed number of existing employees. The company received a 50-percent tax credit for the investment over the next six years.
•AirGas USA, the industrial company that supplies welding equipment and gasses and other industrial gasses, received a 45 percent tax credit for a $2.6 million expansion project that would create 64 new jobs in Independence. The project would be a renovation and expansion of the company's existing operations there.
•Blue Tractor Foods, a snack food company in Geauga County's South Russell, would create 51 new jobs and retain a small number of existing employees there. The company would receive a 40-percent tax break for its investment. The state did not disclose how much Blue Tractor plans to invest.
This article has been shortened and revised. To view it in its original length, visit www.cleveland.com.
