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Hynes Eyes $6.5M Project, Gets Ohio Tax Credits
YOUNGSTOWN, Ohio -- Hynes Industries is considering a $6.5 million expansion and consolidation of its manufacturing and distribution facilities here, a project that today received a $108,000 boost from the Ohio Tax Credit Authority.
The seven-year, 40% job creation tax credit was awarded as Hynes considers an expansion and consolidation of its manufacturing and distribution facilities, potentially creating 42 jobs over three years as well as retaining 140 existing personnel.
Hynes’ Ohio plant is operating at maximum capacity and needs to relocate, according to state documents. Ohio is in contention for the project with an existing plant in Indiana.
Under conditions of the Ohio tax credit, the company would have to remain in operation at the project site for a period of 10 years.
About 155 are employed throughout Hynes’ operations, which include a roll-forming division here at 3760 Oakwood Ave. and an office in Kokomo, Ind., from where it serves one of its major customers, Wabash National Corp., based in Lafayette, Ind.
“Over the last three years, our revenues are up over 50%,” D. R. Golding, president and CEO, told The Business Journal in April (READ STORY). “Employment is up over 30%.”
Hynes, established in 1925 as a steel service center, today processes steel coil, manufactures flat wire products and also roll forms finished products, mostly for the transportation industry. The company performs steel processing operations for customers, and manufactures components used on trailers such as steel side posts, roof posts, protection plates, and frames for the trailers’ rear lights.
“Hynes Industries is a longtime, valued member of our business community,” said Sarah Boyarko, vice president of economic development, North America, for the Youngstown/Warren Regional Chamber, which worked with the company. “We hope that today’s tax credit approval, along with other local and state support, will help company leadership in making the decision to move forward with their investment in Mahoning County.”
Copyright 2014 The Business Journal, Youngstown, Ohio.
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