After considering sites in Georgia and Wisconsin, a Colum-bus, Ohio-area venture capital group is starting a compression molding firm in Elyria, Ohio. Pro-duction will begin in two weeks. Innotech Industries Inc. has moved into the former General Industries building, which closed last year. The $2.2 million project will employ 25-30 within the first 30-60 days of production.
``The assets acquired at auction are in place and operable and with the help from the state and local governments, Elyria was the best choice,'' said President Mark Skrzypek.
Innotech is receiving a 55 percent tax credit for 10 years. The percentage and term of the credit could be lowered if the firm does not produce the number of jobs promised, said Trevor Hamilton, Tax Credit Authority executive director. The credit could reach $219,000 by its 10th year. The firm also received a six-year, 30 percent property tax abatement.
The company will compression mold polyester-based glass-fiber parts on 13 presses. It plans to hire 100 employees within the first two years.
The 206,000-square-foot plant has room for growth, Skrzypek said. He said the firm received commitments from Yamaha Motor Corp. of America and Mercury Marine, which will help the operation exceed its planned business volume for the first year.
It is targeting the marine, construction, recreation, lawn and garden, and agricultural markets.