A northwest Ohio company is expanding its operations in Putnam County. Kalida
Manufacturing Inc. (KMI) is a tier two stamping and welding plant that
manufactures auto frame sub-components for Honda vehicles.
This expansion is a multi-phase project with completion expected this year. The project will include the "expansion of a low and high bay along with an additional land purchase for future growth," according to Curtis Croy, Putnam County Community Improvement Corporation (PCCIC) assistant director. Croy noted that the total amount of added square footage will be approximately 80,000 square feet.
The company is investing over $22 million in this expansion of its plant operations. Croy stated that approximately $18 million will be invested in new machinery and equipment. The expansion plans include the addition of 600-ton and 2,500-ton presses and robotic welding lines. The expansion also includes plans for the construction of a new road that will be adjacent to the plant.
KMI received funding support from Ohio's Tax Credit Authority. For this expansion, the Tax Credit Authority approved the following incentives: a Job Creation Tax Credit, a Roadwork Development Grant, and a Workforce Training Grant. The Ohio Tax Credit Authority approved a 40%, six-year Job Creation Tax Credit for this project.
The company expects to create 67 full-time positions, generating $1.7 million in additional annual payroll and retaining $16.2 million in existing payroll. Also, as a result of the expansion, 374 jobs will be retained.
The project involved the Regional Growth Partnership (RGP), JobsOhio, and local economic development groups that included the PCCIC and the Village of Kalida.
"KMI is a fantastic community partner which has expanded numerous times over the past 15 years, so it was great to see so many partners assist the company on this project, stated Martin Kuhlman, director of PCCIC. "The RGP JobsOhio team played a valuable role in getting the incentive programs approved in a timely manner at the State level."
Kuhlman noted that the region competed for this expansion project against other areas outside of Ohio.
"KMI's expansion is a success for all of Ohio," stated John Minor, president and chief investment officer for JobsOhio. "Working collaboratively with the RGP and our local partners to realize project wins such as this one are vital to Ohio's economic success."
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 30, 2014
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