The TCA approved a 1.255 percent, seven-year Job Creation Tax Credit for this project.
“Since moving to Hamilton twelve years ago, Vinylmax has found the city to be a great partner, and Ohio is home to our families,” said Laura Doerger-Roberts, Vinylmax president.
“We are very happy that our local community has enthusiastically embraced this opportunity for local growth and expansion,” she said.
Vinylmax considered expanding production at its existing facility in New York and weighed other options before choosing Hamilton for the expansion.
The company worked with the Greater Cincinnati development organization REDI Cincinnati (REDI stands for Regional Economic Development Initiative) on the expansion. Vinylmax credited Hamilton’s ease of access to major transportation corridors and local talent as key factors in its decision.
Thyssenkrupp specializes in engineering and manufacturing of high-performance automotive shock absorbers.
The company expects to create 75 full-time jobs that will generate $6 million in new annual payroll and retain $36 million in existing payroll. State officials approved a 1.644 percent, eight-year Job Creation Tax Credit for this project.
Thyssenkrupp, headquartered in Hamilton, has about 850 employees in four U.S. locations, most of them local.
“We are beyond excited to continue to invest in our Hamilton, Ohio-based operations,” said Fabian Schmahl, BILSTEIN of America’s president and CEO.
Jody Gunderson, Hamilton’s economic development director, said Hamilton’s utility team “was critical in putting the final touches to this project.”
Gunderson noted the company could have expanded elsewhere, but said, “This has allowed us to bring this meaningful expansion to our community and we look forward to continuing to partner with the BILSTEIN team.”
“BILSTEIN’s latest expansion will increase its place as a leader in the Cincinnati region’s $1.5 billion automotive manufacturing ecosystem,” said Kimm Lauterbach, REDI Cincinnati president and CEO.
“Our history shows that with each investment, BILSTEIN has been able to meet the growing requirements of our customers while adopting new technologies, including automated technologies that keep our employees safe while allowing us to push the boundaries of damper technology while providing high-quality, well-paying jobs,” Schmal said.