43
State approves tax credits as company considers Lordstown plant
LORDSTOWN
The Ohio Job Creation Tax Credit Authority on Monday approved tax credits for a Canadian-based company that is considering constructing a facility at the Ohio Commerce Center in Lordstown.
Matalco Inc., a company that makes aluminum billets for the aluminum extrusion industry, was approved for a 50 percent, 8-year tax credit that would provide $450,000 in assistance from the state. It also stands to receive an economic development grant, as well as workforce services and on-the-job training.
Additionally, the village of Lordstown has approved a 75-percent, 10-year property tax abatement for the Ontario company.
The project, according to a statement, would be a $92 million investment that would create 60 jobs and an annual payroll of $4 million.
Sarah Boyarko, the Youngstown/Warren Regional Chamber’s vice president for economic development, said in a statement that the chamber had worked with a real- estate firm to find a property for Matalco over the past year.
“This opportunity would be a big win for the village of Lordstown, and we hope that today’s announcement of assistance from the state of Ohio will help to bring this investment to Trumbull County,” she said in a news release.
Boyarko said projects like this one are important for regaining some of the jobs lost in Trumbull County when RG Steel shut down its operations in Warren last year.
“It’s going to take a lot of little opportunities,” she said in an interview.
Matalco is still “looking at other out-of-state locations,” according to Tony Paglia, a spokesman for the chamber.
“We’re not certain what will happen yet,” Boyarko said.
Matalco is in the process of reviewing all of its options and is likely to make a decision in the next “few weeks,” she said.
A representative from Matalco did not return requests for an interview Monday.