The company also said it plans to hire 250 employees over the next five years.
The move will consolidate PECo’s four existing area facilities while “doubling capacity to meet the growing demand for its manufacturing products and services,” the company said.
PECo makes large precision-machined and fabricated components, gear inspection machines, and designs and builds factory automation equipment.
The consolidation could require up to $10 million in relocation renovations, including the installation of power and HVAC systems, the company said. The consolidation and move is planned to happen over three phases and will be completed by the end of 2014, the company said.
The contract includes a $750,000 Ohio Job Ready Sites grant and a commitment by PECo to employ no less than 200 employees at the new site, PECo said.
PECo today has 181 employees, 21 of which were hired in 2013. PECo expects to hire 250 more employees over the next five years.
“We are excited about the opportunity to have an excellent global company like PECo grow and expand right here in Dayton,” Tim Downs, Dayton deputy development director, said in the company’s release.
“We are excited to serve as a driver of economic growth in our community,” said company owner Albert Naggar. “We have confidence in the growth of our business. Dayton’s Westview Industrial Park is the most appealing location for PECo’s consolidation because of the economic partnership that the city of Dayton has fostered with PECo.”
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