CIPAR has been awarded a 40 percent Job Creation Tax Credit from the state of Ohio for a five-year term to establish a divisional headquarters and operating facility in Beachwood in the Cleveland metro.
The value of the tax credit is estimated at $106,474 over the term, and the company would be required to maintain operations at the site for 10 years.
CIPAR, a wholly owed subsidiary of Cohesant Technologies Inc., plans to acquire machinery and equipment and lease an existing 15,000 square -foot building to establish the facility and begin deployment of CIPAR products to new and expanding markets. The $660,000 project is expected to create 42 jobs within the first three years of operations.
The Job Creation Tax Credit program provides a refundable tax credit against a company’s Ohio corporate franchise tax or an individual’s Ohio personal income tax. The tax credit is based on the state income tax withheld from the new, eligible fulltime employees.
Pharmaceutical company Alkermes, which develops medications to treat schizophrenia and alcohol dependence, is also taking advantage of the Job Creation Tax Credit Program.
| The Job Creation Tax Credit program provides a refundable tax credit against a company’s Ohio corporate franchise tax or an individual’s Ohio personal income tax. |
The company is expanding its manufacturing facility in Wilmington in the Cincinnati metro.
“Alkermes is pleased to be expanding its manufacturing facility in Ohio,” said Jim Frates, chief financial officer for the Cambridge, Mass.,-based company. “We have a long-term commitment in Ohio and look forward to bringing additional jobs into the region.”
During the past five years, employment at Alkermes’ Wilmington facility has jumped from 57 workers to 275 workers. That number could go to as many as 500 employees in subsequent years.
Alkermes plans to add 44,000 square feet to the existing 100,000 square foot facility.
In conjunction with the announcement by Alkermes, the state of Ohio said it would modify a 10-year Job Creation Tax Credit originally issued in 2001. The state will increase the tax credit from 60 percent to 70 percent for the remaining five years, covering the creation of about 275 jobs.
Meanwhile, Wilbert Plastic Services will establish an injection molding plant in Bellevue in Northeast Ohio. Wilbert expects to hire up to 200 employees at the new plant to fulfill a new outsourcing agreement with Whirlpool Corp., which earlier this year announced an expansion of its manufacturing facility in two Ohio communities, Marion and Clyde.
Wilbert Plastic Services, the industrial plastics division of Wilbert Inc., plans to open a 197,500 square foot facility less than 10 miles from Whirlpool’s Clyde plant. The company will manufacture agitators, augers and related plastic components that will be supplied to Whirlpool’s Ohio locations.
Whirlpool announced earlier this year that it would consolidate washer and dryer production from Maytag manufacturing sites in Iowa, Illinois and Arkansas with its facilities in Ohio.
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