Lubrizol Advanced Materials Inc. is moving forward with a $30 million expansion project in Brecksville, Ohio that will create about 70 jobs.
The company, which is part of Wickliffe-based Lubrizol Corp., last week was approved for a seven-year, 55 percent tax credit for the project by the Ohio Tax Credit Authority.
In approving the tax credit, the authority noted that Lubrizol was considering facilities outside Ohio for the expansion project.
In an email statement, a Lubrizol spokeswoman said, “We need to modernize and renovate our Brecksville facility to attract the work force talent that is required.” The project will “ensure the long-term retention and future growth of Lubrizol's Advanced Materials in Brecksville,” she wrote, and will provide the infrastructure in Brecksville to serve the company's global operations.
The number of Lubrizol employees already working in Brecksville was not immediately available.
The project will be completed over three years. It includes about 100,000 square feet of newly renovated space for employee offices, conference rooms, customer and visitor areas, and general meeting rooms.
In the email, Lubrizol's spokeswoman said company officials “have been working closely with state and local government entities to pursue cost reduction opportunities through development incentive programs that are available.”
Renovation will be completed in six phases. The first phase is scheduled to begin later this month; the final phase is expected to be completed by April 2017.
The company, a producer of advanced specialty polymers, polymer based additives and chemical additives used in consumer and industrial applications, expects to generate nearly $7 million in additional annual payroll by Dec. 31, 2017.
As part of the tax credit agreement, the state will require Lubrizol to maintain operations at the Brecksville operation for at least 10 years.