6-year tax credit OK’d for German company
FINDLAY — A German automotive supply company with a history of supplying 4×4 components to domestic and foreign automakers is considering establishing a $32 million factory in Findlay that the company says would eventually have more than 120 employees.
The Ohio Tax Credit Authority yesterday approved a 45 percent, six-year tax credit for MITEC Powertrain Inc., whose parent company is in Eisenach, Germany, to entice the firm to choose Ohio over a competing site in Kentucky for a 100,000-square-foot factory that the company says would contribute as much as $6.8 million in new annual payroll.
A spokesman for the company could not be reached for comment. But Tony Iriti, Findlay-Hancock County economic development director, said the company was coming to Findlay. The firm expects to have 85 to 90 employees by year’s end, he said.
MITEC, a privately held company, develops and produces balance shaft systems, components, and gear boxes for 4-wheel drive technology. It supplies components to General Motors Co. and Ford Motor Co., in addition to several German automakers, according to documents filed with the Ohio Department of Development.
Documents filed with the state indicate that the company is considering renovation of a building at 4000 Fostoria Ave., site of the former Findlay Industries Inc., an automotive supplier that closed in 2009. Plans call for the company to invest $32 million in renovations and new equipment into the facility, and would hire the estimated 121 employees over the next three years at an average wage of $16.66 per hour, plus $2.50 per hour in benefits, the state said.
If the project is approved, MITEC would receive its tax credits beginning in January through December, 2017, the state said.
