Ohio Fastener Manufacturer Expanding
FEATURE
A major expansion is underway in Ohio for fastener manufacturer SFS intec, according to the Plain Dealer.
“An 80,000-square-foot, $11.5 million addition will hold machinery costing $20 million and boost the company’s production of automotive parts,” writes Donna J. Miller of the Plain Dealer. And at least 80 jobs over three years will be added to the current payroll of 75.”
The new wing of Swiss-owned company, which supplies cold-formed fasteners and other parts to automotive and construction markets, reportedly will house large manufacturing machines costing $20 million.
SFS intec received a 14-year property tax abatement of 50% that will save the company about $1.1 million. It’s original 14-year tax abatement — which has saved the company more than $406,200 — expires in 2015.
In addition to the state tax credit, the company is being offered a county property tax abatement that would save SFS intec $2.3 million over 14 years.
SFS intec was established in 1960 to develop, manufacture and supply precision formed components, engineered fasteners and mechanical fastening systems to the automotive, construction, aircraft, electronics, and transportation industries. The company manufacturers specialty fasteners in 52 plants around the world. Web: sfsintec.biz
Parent company SFS Group is a multi-industry group with headquarters in Switzerland, 2011 sales revenue of $1.2 billion, and more than 4,100 employees globally. Web: sfsholding.biz ©2013 GlobalFastenerNews.com
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