The Ohio Tax Credit Authority approved incentives for a company considering an expansion in Austintown.
The 2.317 percent, eight-year tax credit would be used by Spirex Corp. as part of a $22 million-plus project that would create 143 jobs with a payroll of nearly $7.7 million and retain another 100-plus positions with a payroll of $6.3 million.
According to the state’s Development Services Agency, Spirex is considering consolidating out-of-state operations in Florida, Pennsylvania, North Carolina and its Boardman operation into a single facility.
The state incentives approved Monday are refundable tax credits against what the company would pay in corporate activity or income taxes, based on the state income taxes withheld on new, full-time employees. The tax credit was approved on a unanimous vote.
Ohio gas prices drop
Gas prices in Ohio are below the current national average and below the state’s average price reported a month ago.
The average price for a gallon of regular gas in Ohio was $2.05 in Monday’s survey from auto club AAA, the Oil Price Information Service and WEX Inc. That’s 16 cents below Monday’s national average of $2.21 and nine cents below Ohio’s average price of $2.14 reported a month ago.
The average price in the state and the nation at this time last year was $2.18 for a gallon of gas.
Demand typically goes down in the fall due to lower driving demand and the switch to winter-blend gasoline. But continued unplanned outages associated with seasonal refinery maintenance could create volatility in some parts of the country.
100% of recalled trucks are repaired
All 16,000 Volvo heavy trucks that were recalled earlier this year for a dangerous steering problem have been repaired.
The National Highway Traffic Safety Administration says it’s a rare 100 percent completion rate for a recall. Most only get to 70 percent completion 18 months after they start.
The truck recall began in February after Volvo determined that a steering shaft problem in some 2016 and 2017 trucks could cause drivers to suddenly lose the ability to steer.
The Federal Motor Carrier Safety Administration determined the trucks were so unsafe it ordered them off the roads until they were repaired.
Toyota plans to test car-sharing system that doesn’t use keys
Toyota will test a new car-sharing system next year that lets users unlock doors and start cars with their smartphones.
The Smart Key Box system eliminates the need for a physical key. Toyota will test the system in San Francisco with the Getaround car-sharing service starting in January. A Toyota investment fund put money into Getaround this month.
Keyless car-sharing is not totally new. General Motors’ Maven car-sharing system uses a mobile app to unlock cars and allow them to be started with the push-button ignition. Maven is in nine U.S. cities at present.
Selected local stocks
Alcoa Inc., .1228.720.35
Aqua America, .71 30.700.87Avalon Holdings,2.60-0.18
Community Health Sys. 5.28 0.05
Cortland Bancorp, .2815.740.00
Farmers Nat., .1610.50-0.05
First Energy, 1.44 34.290.33
First Niles Financial, .1210.000.00
FNB Corp., .4813.070.03General Motors, 1.5231.600.28
General Electric, .9229.10-0.12
Huntington Bank, .28 10.600.04
JP Morgan Chase, 1.9269.260.15
Key Corp, .3414.120.05
LaFarge, .34-0.00Macy’s, 1.51 36.490.93
Parker Hannifin, 2.52 122.750.79
Simon Prop. Grp., 6.60185.963.08
Talmer Bank, 23.34-0.36
United Comm. Fin., .12 7.35-0.01
Selected prices from Monday’s 4 p.m. close.