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TTM Technologies, a global technologies solutions manufacturing company, plans to grow its North Jackson location by creating 50 jobs that are expected to generate nearly $2.3 million in new payroll.
The Santa Anna, California-based company picked the facility for the expansion after it reviewed its U.S. locations for modernization and growth opportunities, according to a news release Monday from Team NEO, a private nonprofit economic development organization in Cleveland that represents 18 northeast Ohio counties, including Mahoning and Trumbull counties.
Preceding Team NEO's announcement, the Ohio Tax Credit Authority approved a 1.13%, six-year tax credit for the project.
"TTM Technologies' investment will help produce essential components for many industries that have a large presence in the region, including aerospace, automotive, medical devices, and industrial controls and automation," the release states.
The company expects to create 50 full-time equivalent employees generating $2.29 million in new annual payroll and retain nearly $9.7 million in annual payroll by the end of 2026 at the North Jackson site, according to documents from the Ohio Department of Development.
The growth, according to the state document, is due, in part, "to facilities outside of Ohio being consolidated to increase operational efficiencies."
As part of the credit, the state is requiring TTM to maintain operations at the site for at least nine years. Also, TTM will claim the tax credit on Ohio employee payroll generated in North Jackson in excess of the company's baseline payroll at the location.
The tax credit is worth an estimated $150,000 if the company meets all of the elements approved by the tax credit authority. Since the credit is performance-based, "the actual value ... is based on jobs created and new payroll tax generated, as verified," according to the state.
"The engagement by Team NEO, the Ohio Department of Development, and JobsOhio to understand our extensive workforce training requirements was invaluable in our decision to grow this facility," Phil Titterton, TTM Technologies chief operating officer, said in the release. "This successful process has allowed all involved to develop a better understanding of the importance and criticality of U.S.-made printed circuit boards."
TTM manufactures engineered systems, radio frequency components, microwave / microelectronic assemblies and printed circuit boards.
The company's website states the North Jackson location specializes in military and aerospace and industrial, medical and commercial technologies. It manufactures high-temperature printed circuit boards for oil and gas field service companies that are used during drilling operations.
Said Bill Koehler, Team NEO chief executive, "Northeast Ohio continues to see investment across the semiconductor and microelectronics supply chain. TTM Technologies' commitment and growth validates the strength of the microelectronics ecosystems here."
Have a business-related story? Contact Business Editor Ron Selak Jr. at rselak@tribtoday.com.