DAILY NEWS Mar 31, 2011 11:40 AM - 0 comments

Axium Plastics gets funding for new Ohio plant

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Mississauga, Ont.-based blow molder Axium Plastics LLC has been awarded a tax credit to build a new plant in Ohio.

The Ohio Tax Credit Authority (OTCA) approved the tax credit on March 28. According to an OTCA news release, Axium will receive a 55 per cent Job Creation Tax Credit for a seven-year term as a result of the company's new location in New Albany.

The value of the tax credit is estimated by OTCA at US$449,000 over the term, and the company would be required to maintain operations at the project site for 10 years.

However, according to a news report in the Advocate newspaper, published out of Newark, Ohio, Axium is also considering building a new facility in the Chicago area.  

Axium is a specialized extrusion blow molding manufacturer of rigid plastic containers, serving the personal care and beauty, food and dietary supplements, and automotive and general goods markets.

If the Ohio project goes ahead, the OTCA said it will include the construction of a 110,000-square-foot facility to house manufacturing and research and development functions. The $16.2 million project could create up to 165 jobs, the OTCA said.

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