In a sizable boost to the Ohio economy, Governor Mike DeWine, alongside Lt. Governor Jim Tressel and Ohio Department of Development Director Lydia Mihalik, has given the green light to six projects aiming to spark job creation and investment within the state. According to Ohio Governor Mike DeWine, a recent announcement, these initiatives are set to create 716 new jobs, retain over 1,300 jobs, and are projected to yield more than $50 million in new payroll while driving over $39 million in investments across Ohio’s diverse regions.
Dublin-based Hexion Inc., known for its work in the global chemicals industry, is one such enterprise ready to expand. The company anticipates creating 100 full-time-equivalent positions, set to generate $11.7 million in new annual payroll. The heart of this expansion lies in the establishment of a new global research and development center - a move aimed at fostering enhanced collaboration and quickening the pace of new product development. "The proposed project includes establishing a new global research and development center for its scientists and chemists to enhance collaboration and accelerate the quality and pace of new product developments," the Ohio Governor Mike DeWine's office detailed.
Meanwhile, in Northwest Ohio, Vaughn Industries LLC, a contractor rooted in diverse services from electrical work to renewable energy, is on track to develop a new location in the village of Carey. The company is making plans to create 126 full-time-equivalent jobs, which are expected to add more than $8.8 million in annual payroll. Vaughn Industries is not just consolidating operations; the firm eyes an expansion into advanced duct manufacturing, backed by meaningful technological upgrades to its production lines. This strategic development promises to bolster the company's delivery of high-tech solutions to meet rising market demands.
Both companies have received the support of the Ohio Tax Credit Authority (TCA), in the form of Job Creation Tax Credits, indicating state-level confidence in the potential economic lift these projects promise. Hexion Inc. has been granted a 1.873 percent, 10-year credit, while Vaughn Industries is provisioned with a 1.531 percent, eight-year credit. With these state-backed incentives, the businesses are well-positioned to carry forward their growth plans, solidifying Ohio’s standing as a burgeoning hub for innovation and industry.
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