Matalco Closes on $690,000 Lordstown Land Acquisition
LORDSTOWN, Ohio -- The welcome sign is up on the perimeter of the Ohio Commerce Park at the 31.2-acre site where Matalco Inc. plans to build what is now a $125 million remelt aluminum billet manufacturing plant.
The sale of the land was completed Tuesday, reports Chuck Joseph of Routh-Hurlbert Co., Warren. Routh-Hurlbert co-brokered the deal with the Akron office of CBRE.
Matalco paid $690,000 for the property, according to Joseph. The seller was Stirongo Lordstown LLC, the entity that owns the Ohio Commerce Park.
Joseph credits his co-worker, Dan Crouse, for making the deal happen.
“"We have worked with Matalco, Lordstown, and Regional Chamber for over 16 months to make this happen,” says Crouse. "This is a huge win for the Mahoning Valley.”
Ground is expected to be broken within the next few weeks.
At full capacity, the 225,000-square-foot plant will employ 60 to 80 permanent, full-time personnel with annual production of 350 million pounds of various series, high-quality aluminum billet.
The plant is expected to be commissioned by early 2016, Matalco announced July 23 (READ STORY).
“This significant investment clearly demonstrates our unwavering commitment to serve our customers and expand our market share,” said Armand Sanguigni, Matalco president. “Overall, we are excited to be part of this progressive community as this will bring new jobs and opportunities to the region.”
Matalco Inc. produces extrusion-grade aluminum billet manufactured primarily from scrap aluminum. It operates two plants, one in the Canadian province of Ontario -- the company is based in Brampton, Ontario -- and the other in Canton. The company is one of three entities under the corporate umbrella of Triple M Metal, which is a member of the Giampaolo Group of Companies.
On Dec. 2 the Ohio Job Creation Tax Credit Authority approved an eight-year, 50% job creation tax credit with a value of $450,000. The company also has secured a 75%, 10-year property tax abatement from the village of Lordstown, an economic development grant from the private JobsOhio agency -- specific amount unknown -- and workforce services and on-the-job training assistance from the Trumbull County Ohio Means Jobs office.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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