Latest news with #OhioTaxCreditAuthority
Yahoo
02-06-2025
- Business
- Yahoo
Hexion plans Dublin research and development lab that will employ 100
Hexion, the Columbus-based adhesives and chemical company, plans to establish a research and development center in Dublin that is expected to employ 100. The company, which traces its roots to 1857, plans to consolidate its five existing research laboratories into one building to bring its chemical engineering, manufacturing and materials science teams under one roof. The concentration is designed to "elevate the company's research capabilities and foster deeper technical collaboration across disciplines," according to a news release announcing the expansion. 'At Hexion, innovation isn't just a commitment — it's our catalyst for transformation and a key part of our long-term growth strategy," Hexion President and CEO Michael Lefenfeld said in the release. "The launch of our new R&D center in Dublin marks a bold leap forward, allowing us to continue to pioneer next-generation solutions that redefine what's possible for customers across the globe.' The company, for decades known as Borden, evolved into a global adhesives, manufacturing automation systems and AI technologies company. The Ohio Tax Credit Authority approved a 10-year tax break for the Dublin expansion, following the city of Dublin's approval of an income tax break for the project. 'Hexion's decision to build an innovation lab in Dublin further positions the city as a center for advanced research and development,' said Dublin Economic Development Administrator Jenna Goehring in the news release. 'This project reflects our continued focus on attracting and supporting companies at the forefront of material science and sustainable technologies." More: Back to life: Hexion emerges from bankruptcy The company cited the state's STEM pipeline as a key factor in its decision. Hexion said hiring will begin immediately and more than 40 employees from the company's existing R&D sites will relocate to the region. Hexion expects the center to reach the 100 employee goal by 2028. The center is expected to generate $11.7 million in new annual payroll. Real estate and Development Reporter Jim Weiker can be reached at jweiker@ and at 614-284-3697. Follow him @JimWeiker This article originally appeared on The Columbus Dispatch: 168-year-old Columbus company plans Dublin expansion Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
28-04-2025
- Business
- Yahoo
Valley competing with North Carolina for Kimberly Clark project
COLUMBUS, Ohio (WKBN) – The Kimberly-Clark project in Trumbull County is getting a tax credit from Ohio that is helping to push the project along and bolster its competition with North Carolina. Read next: New renderings show major retailer at old mall site The Ohio Tax Credit Authority approved Monday a 1.837%, 10-year Job Creation Tax Credit for the project. This follows tax credits approved by Howland and Warren townships and Trumbull County commissioners. Ohio Governor Mike DeWine said in a news release Monday that the project off of Pine Avenue includes a new facility at the old steel mill site and will create 491 full-time jobs, generating $49.1 million in payroll by December 2030. Warren and Howland townships and Trumbull County commissioners approved a 60%, 10-year tax abatement for the project, and earlier this month, the Ohio Controlling Board approved $17 million to build an access road for the property and complete other Brownfield cleanup work there. The project is pending further review and a final decision by Kimberly-Clark. According to the Ohio Tax Authority, Ohio is competing with North Carolina for the facility. 'State support will help ensure the proposed project moves forward in Ohio,' the Board said in a Scope of Work exhibit. Kimberly-Clark USA, LLC ScopeDownload Kimberly-Clark posted net sales of $4.8 billion in First Quarter 2025, 6.0% lower than the year prior. Negative impacts included 2.4% from foreign currency translation, approximately 2.0% from a combination of the PPE divestiture and the exit of the company's private label diaper business. First quarter operating profit was $769 million compared to $853 million in the prior year. Nadine Grimley and Stan Boney contributed to this report. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
27-01-2025
- Business
- Yahoo
Anduril wins nearly $500 million in state tax breaks to construct Ohio weapons factory
The state approved tax breaks approaching half a billion dollars Monday for a California defense contractor that plans to build a weapons factory in Pickaway County. The company, Anduril Industries, will receive tax credits for 30 years worth up to $452 million, according to terms unanimously approved by the Ohio Tax Credit Authority. The ultimate value of the tax breaks depends on the number of jobs and size of the payroll created. "This is a great project," said Susan Restrepo, chief investment officer for the Ohio Department of Development. "It's very exciting, not just for central Ohio but for the entire state." More: How did the defense contractor Anduril decide to build a massive weapons factory in Ohio? Anduril announced two weeks ago that it plans to spend about $900 million on the complex south of Rickenbacker International Airport to build drones, missiles and other high-tech unpiloted military weapons. The company plans to initially retrofit an existing 700,000-square-foot building with the goal of starting production by the middle of 2026. That investment would be followed by a new complex that could grow as large as 5 million square feet on 500 acres. When completed, estimated in 2035, the complex would employ 4,008 workers with an average hourly wage of $63.61, making the average annual pay $132,000. Dubbed "Arsenal-1," the factory would be the largest job-creation project in Ohio history, according to state officials. "Anduril is not only revolutionizing America's defense industry, but it's joining the wave of coastal companies expanding to Ohio and bringing thousands of jobs and millions of dollars in capital investment," Gov. Mike DeWine said in a Monday news release about the tax breaks. What is Anduril?What to know about the defense tech company bringing 4,000 jobs to Ohio The tax credit, scheduled to run from 2026 to 2055, is the first of what is expected to be several incentives for the project. Anduril will also receive grants and other incentives from the state economic development corporation JobsOhio. In addition, Pickaway County plans to request $70 million from the All Ohio Future Fund to help prepare the project's site. The tax credit authority on Monday approved a tax break for another Pickaway County project: a BJ's Wholesale Club distribution center in Commercial Point that is expected to employ 250 workers. The tax credit is worth an estimated $1.94 million. jweiker@ @JimWeiker This article originally appeared on The Columbus Dispatch: Defense contractor Anduril receives Ohio tax break for drone factory
