1/12/2010
NEWS BRIEFS
Cardinal Fastener Gets $480k Tax Credit To Expand Wind Turbine Bolt Production
Cardinal Fastener & Specialty Co. received $480,000 in federal tax credits to expand production of wind turbine bolts, the Plain Dealer reports.
Cardinal Fastener was one of several Ohio companies to receive $82 million in credits for “advanced energy manufacturing projects.” The credits were part of the $2.3 billion package U.S. President Barack Obama approved for projects in more than 40 states. The program is being funded by the 2009 stimulus bill.
Cardinal Fastener received international attention in January 2009 when Obama visited the fastener manufacturer days before his inauguration.
Cardinal Fastener created a wind power division in 2008 to address “explosive” fastener sales growth for wind turbines. Wind customers account for about 20% of the company’s business.
Bedford Heights, OH-based Cardinal Fastener manufactures hot forged, large-diameter, high-tensile-strength fasteners for construction, heavy equipment, bridges, power generation and oil fields. ©2010 GlobalFastenerNews.com
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