Zyvex Performance Materials (Zyvex), to be located in Columbus (Franklin County), Ohio, has been awarded a 60 percent tax credit for five-year term to expand its headquarters and research and development operations. The value of the tax credit is estimated at $856,745 over the term, and the company would be required to maintain operations at the project site for 10 years.
Zyvex is a spin-off of Zyvex Corp., which was founded in 1997. Zyvex is the leading nano-technology company providing tools and instrumentation to the semi-conductor and research and education markets. In addition to being the first commercial molecular nanotechnology company, Zyvex was the first to provide carbon nanotube (CNT) powered products to the marketplace. Zyvex's performance materials serve customers in the aerospace, defense, automotive, and energy markets while its patent technology has been incorporated with customers who are sporting goods manufacturers.
The company proposes to relocate and expand its headquarters and research and development operations, with investments of $500,000 leasehold improvements, $2.3 million in machinery and equipment, and $200,000 for furniture and fixtures. The facility will be used for administration, research and development and limited manufacturing. Ohio is in competition with South Dakota and Texas for this $3 million project, which is expected to create 97 jobs within the first three years of the project's initial operations.
The Job Creation Tax Credit is a refundable tax credit against the business corporate franchise or income tax. The credit equals a percentage of new state income tax withheld on new, full-time employees in Ohio.
For MORE NEWS BRIEFS, click here.
For a FREE SUBSCRIPTION to Expansion Management magazine, click here.
For MORE NEWS BRIEFS SORTED BY STATE, click here.
For MORE NEWS BRIEFS SORTED BY INDUSTRY or FUNCTION, click here.
For MORE NEWS BRIEFS SORTED BY COUNTRY, click here.
Means the article is accessible only to our magazine subscribers.
