Forty full-time jobs could be created in Medina County and Strongsville after Gov. John Kasich announced the Atlantic Tool & Die Co. will qualify for a 1.065 percent, seven-year Job Creation Tax Credit.
Atlantic Tool & Die has three Northeast Ohio locations, including its global headquarters in Strongsville, 19963 Progress Drive. It also has plants in Seville, 4995 Atlantic Drive, and in Sharon Township at 6965 Ridge Road.
The jobs could generate $1.6 million in new annual payroll and retain $10.4 million in existing payroll as a result of the company’s project, according to a press release from the governor’s office.
Atlantic Tool & Die is a global manufacturer of precision metal stampings and assemblies.
“We are growing and continue to grow,” Chief Financial Officer Dan Prugar said in an interview with The Gazette.
Prugar said the Strongsville plant is the company’s primary stamping operation in Ohio. He said the bulk of the 40 full-time positions will be created in Medina County, even though Strongsville also will be affected by the Job Creation Tax Credit with the state.
The jobs originally were going to be created at Atlantic Tool & Die’s Texas facility since the work affected customers in the Gulf Coast region. However, after the company was able to secure the tax credit, it decided to keep the manufacturing jobs in Ohio.
“Since 1937, Atlantic Tool & Die is proud to call Ohio home,” Atlantic Tool & Die director/officer Michael S. Mehwald said. “With seven manufacturing facilities and three engineering offices in five countries, ATD is a leading supplier to the global automotive industry.”
Mehwald said he appreciates the work done by Bethany Dentler, the executive director of Medina County Economic Development Corp., and Stephanie Mercado, senior director of the state group
JobsOhio, in coordinating the effort with the Ohio Development Services Agency.
“The favorable response … in the best interest of all our community partners is very important to our company,” he said. “Working in an ever-changing environment, in this particular matter fortunately for the better, the strong support of both the state and county, combined with increasing opportunities have led us to conclude the best option is to grow jobs in Medina County in Ohio.”
The Ohio Tax Credit Authority reviewed several economic development proposals brought to the board by JobsOhio and its regional partners. Statewide, Kasich announced 14 projects that qualify for tax credits. It will create 1,091 jobs in Ohio, as well as retain 1,417 jobs. Collectively, the projects are expected to result in $53.1 million in new payroll and spur more than $320 million in investment across Ohio.
“They came to us and talked to us about their growth plans and what they would need to make their expansion work,” Dentler told The Gazette.
Dentler said this project was a collaboration between the state and county to make sure Atlantic Tool & Die had the resources it needed to grow.
“That (stamping) industry is growing all over,” she said. “Manufacturing is alive and well.”
Dentler said the tax credit the company received will be based on a percentage of the total amount of its payroll.
“It’s an incentive to keep hiring and paying people,” she said. “It’s a calculated benefit. It comes back in the form of a credit. Whatever tax it pays to the state, you’d take off that amount.”