VAN WERT — A new machined parts manufacturer in Van Wert plans to open a new factory with 30 full-time positions, generating $1.3 million in annual payroll.
On Monday, the Ohio Tax Credit Authority approved a tax credit to MEK Van Wert, Inc. for 1.245 percent over seven years,. The tax credit agreement requires the company to maintain operations at the project location for at least 10 years.
MEK is an independent business specializing in the manufacturing of metal components for automotive, hydraulics, pneumatics, household goods and furniture, according to its website.
Ohio is competing with Michigan for the proposed project. Locating in Michigan would allow the company to be closer to the automotive market, according to the Ohio Development Services Agency. Ohio’s support will help ensure the company moves forward in Ohio. The company’s fixed asset investment would be towards new machinery and equipment.
The company expects to hire 30 full-time equivalent employees generating $1,341,600 in new annual payroll by Dec. 31, 2020. The company will also claim the tax credit on Ohio employee payroll generated at the the Van Wert location.
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews
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