Magnetic Lifting to hire 19 workers

Staff report

CAMPBELL

A startup company that plans to hire at least 19 people to provide services to the region’s steel industry is moving into the Casey Industrial Park here.

Magnetic Lifting Technologies, a new subsidiary of Coraopolis, Pa.-based HK Holding, announced Tuesday that it would move into a 33,000-square-foot space in the industrial park, located off South Bridge Street between Struthers and Campbell.

The company will focus on repairing, servicing, inspecting and remanufacturing industrial electro-lifting magnets for the steel and scrap industries, both regionally and nationally.

As incentive to locate its operations in the Mahoning Valley, the Ohio Tax Credit Authority granted Magnetic Lifting Technologies a job-creation tax credit last week. The six-year, 45-percent tax credit is dependent on the company’s plans to hire at least 19 people over three years. The company is required to remain on the site for nine years.

Magnetic Lifting Technologies is projected to invest at least $300,000 in machinery and equipment for its initial operations.

The company plans to eventually manufacture new lifting equipment, which would require additional investment and hiring, according to the Youngstown/Warren Regional Chamber of Commerce, which spoke in favor of the tax credit at a Tax Authority Hearing. The city of Campbell also expressed support for the project.