SHARON TWP. — Ohio will provide tax abatement for SFS intec, a Medina manufacturer that is considering expanding and creating 80 full-time positions.
The state Tax Credit Authority on Monday approved a “job creation tax credit” for SFS intec, 5201 Portside Drive.
The tax break will give the company a 55 percent credit toward its commercial activity tax liability for eight years. In return, SFS intec promises to nearly double its annual payroll, from $3.6 million to $7 million.
A spokesperson for the Swiss-owned company, which manufactures cold-formed metal fasteners and other parts for the auto and construction industries, said SFS intec’s board of directors is set to vote on whether to OK the expansion later this week.
In addition to the state tax credit, SFS intec also is getting property tax abatement from Medina County.
“The state and county did work together to put together a package,” Bethany Dentler, director of the Medina County Development Corp., said.
The property tax abatement, which county commissioners approved in August, would save the company $2.3 million over 14 years, she said.
The tax breaks are intended to convince SFS intec to expand in Sharon Township rather than elsewhere. The company also has plants in Pennsylvania and Ontario, Canada.
Plans for the expansion call for constructing a $9.5 million building at 2250 Port Centre, down the road for SFS intec’s existing facility.
SFS intec is in the Portside Corporate Park, a community reinvestment area near the Medina Municipal Airport. The CRA is a designated region that can provide tax incentives to encourage business growth.
Dentler said that she is excited about the opportunity to keep SFS intec in Medina County and create jobs.
“Any time we can work together as a state and as a region, to keep them expanding here, it’s good for our local economy and it strengthens our ability to compete,” Dentler said.
Contact reporter Loren Genson at (330) 721-4063 or email@example.com.