Matalco closes on Lordstown land
Canada-based Matalco Inc., an aluminum-billet manufacturer, finalized the $690,000 land purchase to build its proposed $125 million plant.
A groundbreaking ceremony for the plant on the 31-plus acre site inside the Ohio Commerce Centre will take place Sept. 17 with completion expected in early 2016.
Routh-Hurlbert Co. of Warren co-brokered the deal and completed it Tuesday. The land was purchased from George and Spiro Bakeris, owners of Ohio Commerce Centre.
“What we are excited about is the fact they have chosen Lordstown,” said Chuck Joseph of Routh-Hurlbert.
Matalco received support along the way from the village and the Youngstown/Warren Regional Chamber.
In December, the Ohio Job Creation Tax Credit Authority approved tax credits for Matalco Inc. The company was approved for a 50-percent, eight-year tax credit that would provide $450,000 in assistance from the state.
“The company and the property owners and the brokers have worked really hard to make this deal happen and for the purchase to be finalized,” said Sarah Boyarko, vice president of economic development, North America for the chamber.
Lordstown approved a 75-percent, 10-year property-tax abatement for the Canadian company.
It is estimated the Lordstown facility will employ 60 to 80 full-time personnel with an annual production of 350 million pounds of aluminium billet.
Lordstown Mayor Arno Hill said the village did what it could to market itself to the company, and it paid off. A variety of factors leads companies to invest in Lordstown, he said, such as the location, the vacant land, low taxes and tax incentives.
“[Matalco] will be a nice asset,” Arno said.
Matalco Inc. also has plants in Brampton, Ontario, and Canton.