$70 million expansion at Exal Corp. gets funding

The company intends to add 118 jobs.
By TIM YOVICH
Vindicator Trumbull Staff
VIENNA -- Exal Corp., a Youngstown company that manufactures aluminum containers, has finalized plans for a $70 million expansion program that taps into a new funding mechanism.
The financing arrangement was announced Wednesday at a Western Reserve Port Authority meeting, which has partnered with the Summit County Port Authority to help with the financing.
The Summit County authority provides funding and trade advantages to new and expanding businesses. It uses its bond reserve and investment-grade rating to offer industrial, commercial and public projects from $1 million to $6 million.
"We're pretty excited about this," Reid Dulberger, executive vice president of the Regional Chamber, which facilitated the funding.
Working together
The sale of bonds by the Summit authority will raise $3 million for the project and the Ohio Department of Development will contribute $5 million, explained Christopher J. Burnham, president and executive director of the Summit authority.
"Why not work together?" Burnham asked, noting it helps Mahoning Valley officials, who may in turn be able to help the Summit authority in the future.
Dulberger said the decision was made last summer for the two authorities to get involved in an economic development project rather than the Western Reserve Port Authority's trying to start up its own bond fund.
Burnham said the 20-year bonds will be at a fixed rate that will be determined by the bond market at the time of sale. Closing should take place in mid- to late February.
Exal's local plant opened in 1993 in Performance Place Industrial Park. It also has a plant in Buenos Aires, Argentina.
The Youngstown plant employs 280. Dulberger said the company intends to add 118 jobs that will pay an average of $13 hourly.
Master plan
Also during the authority meeting, a consultant said airport officials have selected one of four alternatives for the required 20-year airport master plan.
Steve Bowser, director of airport aviation, said the alternative was selected by an authority committee after a public meeting.
The plan is required by the Federal Aviation Administration for the authority to seek federal funds for capital improvements, said Duane L. Johnson, senior project manger for R.W. Armstrong, airport architects.
A financial analysis will be done eventually to determine the cost.
Johnson explained that plans call for moving the general aviation area from near the terminal to the south side of the airport. Initially it calls for construction of two T-shaped hangars that will hold 20 to 24 small aircraft each. This will allow for terminal expansion when needed and a larger parking area, Johnson said.
Because the 5,000-foot-long runway has 10 years of use remaining on it, the plan calls for increasing the length by 1,000 feet. Bowser said a taxiway to service the new general aviation area will lead to the main runway.
yovich@vindy.com