12/13/2012 1:02:00 AM
NEWS BRIEFS
SFS intec Eyes Expansion in Ohio
Courtesy Medina-Gazette
Ohio’s Tax Credit Authority approved a “job creation tax credit” for fastener manufacturer SFS intec based in Medina, the Medina-Gazette reports. The company is planning an expansion that could create 80 full-time jobs.
“The tax break will give the company a 55 percent credit toward its commercial activity tax liability for eight years,” writes Loren Genson of the Gazette. “In return, SFS intec promises to nearly double its annual payroll, from $3.6 million to $7 million.”
Plans call for a $9.5 million building near the existing facility of SFS intec, which operates four manufacturing facilities in North America, including the Ohio plant at 5201 Portside Drive, Medina, OH 44256. The company’s U.S. headquarters is located in Wyomissing, PA.
In addition to the state tax credit, the company is being offered a county property tax abatement that would save SFS intec $2.3 million over 14 years, according to the Gazette.
The board of the Swiss-owned company, which supplies cold-formed fasteners and other parts to automotive and construction markets, is expected to vote on the expansion by mid December.
SFS intec was established in 1960 to develop, manufacture and supply precision formed components, engineered fasteners and mechanical fastening systems to the automotive, construction, aircraft, electronics, and transportation industries. Web: sfsintec.biz
Parent company SFS Group is a multi-industry group with headquarters in Switzerland, 2011 sales revenue of $1.2 billion, and more than 4,100 employees globally. Web: sfsholding.biz ©2012 GlobalFastenerNews.com
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