Nanotechnology Now - Press Release: Economic development loans awarded to seven Ohio firms

Home > Press > Economic development loans awarded to seven Ohio firms

Abstract:
Lieutenant Governor Lee Fisher today announced that loans valued at more than $19 million have been recommended by the Development Financing Advisory Council to assist seven companies with economic development projects. The funds, which are pending State Controlling Board approval, are expected to retain 602 positions and creating 236 jobs.

Economic development loans awarded to seven Ohio firms

Columbus, OH | Posted on March 26th, 2007

"The State of Ohio is targeting our resources to address great opportunities for business growth and job creation," said Lt. Governor Fisher, who also serves as the Director of the Ohio Department of Development. "Each of these business expansion projects will help us achieve our goal of turning around Ohio's business climate."

Appleton Papers, Inc. (Appleton), located in Dayton (Montgomery County), has been awarded a $3 million 166 Direct Loan at an interest rate of one-percent for the first two years and a three-percent interest rate for the remainder of the 10-year term. Appleton has also been awarded a $9.1 million Ohio Enterprise Bond Fund loan for a 10-year term at an interest rate to be determined at closing. The funds will be used to assist in the acquisition of machinery and equipment. Appleton creates product solutions through its development and use of coating formulations and applications, encapsulation technology and secure and specialized print services. The Company produces carbonless, thermal, security and performance packaging products. Appleton is headquartered in Appleton, Wisconsin, and has manufacturing operations in Wisconsin, Ohio, Pennsylvania, Massachusetts and the United Kingdom. The company employs approximately 3,200 people including more than 400 people in the city of West Carrollton. Appleton became 100 percent employee owned in November 2001 and is celebrating its 100th anniversary in 2007. The company proposes to purchase and install paper coating/production equipment that will enable it to expand its production of thermal paper products to meet increased market demand from domestic and international customers. Ohio competed against several other states and countries for Appleton's $100 million expansion project. That project is expected to create 14 jobs within the first three years of completion and expand the scope and strength of the current operations at the West Carrollton mill.

A-Stamp Industries, LLC (A-Stamp), located in Bryan (Williams County), will receive a $540,000 166 Direct Loan at an interest rate of zero-percent for the first two years of the loan and four percent for the remainder of the seven-year term. The funds will be used to assist in the acquisition of machinery and equipment. A-Stamp manufactures and supplies deep drawn and metal stamped components and assemblies for a variety of customers. Parts are manufactured from hot rolled steel, cold rolled steel, stainless steel, copper, brass and aluminum. A-Stamp's primary product line consists of stamped components and assemblies for automotive seating applications. The company plans to expand its customer base with the purchase of two 400-ton AP&T hydraulic presses, a model trim press, three FANUC R-2000 iB robots, an assembly cell, blank destacker, end of arm tooling, conveyers, line controller and air compressor. This more than $1.7 million project is expected to create 20 jobs at the project site within the first three years of the project's initial operation.

Florida Production Engineering, Inc. (FPE), located in Circleville (Pickaway County), will receive a $1.3 million 166 Direct Loan at a zero-percent interest rate for the first two years of the loan and four percent for the remainder of the 10-year term. The funds will be used to purchase new machinery and equipment. FPE is a supplier to the world's leading automotive manufacturers, including DaimlerChrysler, General Motors, Honda, Nissan and Toyota, as well as many tier I suppliers. Some of FPE's parts include wheel trim, air bag covers, interior and exterior trim as well as a variety of structural plastic products. FPE is also a Minority Business Enterprise certified with the State of Ohio. The company proposes to invest in new machinery and equipment to more effectively compete with out-of-state automotive suppliers for new original equipment manufacturer contracts. FPE is also seeking to maintain and increase its business with Honda as it establishes a new Midwest assembly plant in Indiana. This $3.3 million project is expected to create 33 jobs at the project site within the first three years of the project's initial operation.

Florida Production Engineering, Inc. (FPE), located in New Madison (Darke County), will receive a $1.2 million 166 Direct Loan at a zero-percent interest rate for the first two years of the loan and four percent for the remainder of the 10-year term. The funds will be used to purchase new machinery and equipment. FPE is a supplier to the world's leading automotive manufacturers, including DaimlerChrysler, General Motors, Honda, Nissan and Toyota, as well as many tier I suppliers. Some of FPE's parts include wheel trim, air bag covers, interior and exterior trim as well as a variety of structural plastic products. FPE is also a Minority Business Enterprise certified with the State of Ohio. The company proposes to invest in new machinery and equipment to more effectively compete with out-of-state automotive suppliers for new original equipment manufacturer contracts. FPE is also seeking to maintain and increase its business with Honda as it establishes a new Midwest assembly plant in Indiana. This $3 million project is expected to retain 70 positions and create 35 jobs at the project site within the first three years of the project's initial operation. Hamlin Steel Products, Inc. (Hamlin), located in Akron (Summit County), will receive a $1 million 166 Direct Loan at a zero-percent interest rate for the first two years of the loan and four percent for the remainder of the seven-year term. The funds will be used to acquire the assets of a smaller stamping company, including machinery and equipment and specialized tooling. Hamlin is a value-added sheet metal stamper, blanker and assembler of industrial parts. The company's main products are small to medium-sized stamped metal parts, value-added robotic welded assemblies and blanks for the automotive industry. The company proposes to expand business with the acquisition of a smaller stamping company in Alliance (Stark County). Hamlin will purchase the company's assets, including its machinery and equipment and specialized tooling in order to increase production capabilities. This more than $3 million project is expected to retain 109 positions and create 25 jobs at the project site within the first three years of the project's initial operation.

Nissin Brake, Ohio, Inc. (Nissin), located in East Liberty (Union County), will receive a $2.5 million Research and Development Investment Loan Fund loan at a zero-percent interest rate for the first two years and three percent for the remainder of the seven-year term. The funds will be used to expand the company's research and development facility with the purchase of computer equipment and software and testing and measuring devices. Nissin is headquartered in Findlay and was formerly known as Findlex Corporation. The company began production of its first drum brake assembly in 1989 and over the next eight years continued to add manufacturing capabilities on site including casting, machining and anodizing, assembly of anti-lock brake systems, zinc plating, motorcycle assembly and production of engine mount brackets. Nissan currently employs more than 800 in Findlay. The company proposes to expand its East Liberty research and development facility to accommodate design changes and the new development of North American Models. The facility will also include a course for test driving vehicles. Nissan will purchase testing and measuring devices for checking the performance and resilience of its products. This more than $5.5 million project is expected to create 12 jobs at the project site within the first three years of the project's initial operation.

Zyvex Performance Materials (Zyvex), located in Columbus (Franklin County), will receive a $1 million Research and Development Investment Loan Fund loan at an interest rate of two percent for a seven-year term. The funds will be used to assist in the acquisition of machinery and equipment. Zyvex Corporation is the leading nano-technology company providing tools and instrumentation to the semi-conductor and research and education markets. Zyvex was the first commercial molecular nanotechnology company and 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 sporting goods manufacturers. The company plans to invest in highly technical equipment for testing and measuring nanomaterials and establish a new headquarters facility in Columbus. The company will develop manufacturing processes and applications for its nanomaterials at the site. This $2.5 million project is expected to retain 12 positions and create 97 jobs at the project site within the first three years of the project's initial operation.

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About The Research and Development Loan Fund
The Research and Development Loan Fund (R&D) targets large investments from companies involved in research and development projects with significant assets and sales, and assists in financing the acquisition, construction and related costs of technology, facilities and equipment. The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Innovation Ohio Loan Fund (IOF) assists existing Ohio companies develop next generation products in industry sectors that include: advanced materials; instrument, controls and electronics; power and propulsion; biosciences; and information technology.

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Contacts:
Melissa Ament
(614) 466-6619
or
Maria Smith
(614) 466-2382

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