According to the treasurer’s office, the bonds will allow Ohio Metal Technologies to retain at least 51 jobs and create another 15 new jobs at its Hebron headquarters. Ohio Metal Technologies, which makes components for the transportation industry, will use the proceeds from the bonds to purchase and install a constant-velocity joint equipment line at the Hebron facility.
Ohio Metal Technologies already has completed the expansion of its facility and is waiting for its new constant-velocity joint equipment to arrive in May, according to the Newark Advocate. The company expects the new line to be up and running in June, according to the Advocate.
“At the treasurer’s Office, we’re looking for ways to work strategically with small businesses to grow our economy,” Ohio Treasurer Kevin Boyce said. “Ohio has lost way too many manufacturing jobs over the past decade. So we’re excited, especially during these troubled economic times, to help protect and create 66 manufacturing jobs by strategically investing in Ohio Metal Technologies Inc.”
Ohio Metal Technologies President Toshi Hara told the Newark Advocate that the economic conditions have forced the company to lay off some workers temporarily but that Ohio Metal Technologies hopes to meet the state’s job projections for the company within a year.
