Proposed expansions by Polymer Additives Inc. in Cuyahoga County, Ohio, and Lubrizol Corp. in Lake County, Ohio, were among 12 projects statewide that were approved for incentives by the Ohio Tax Credit Authority.
Collectively, the 12 projects would create 661 jobs and retain 3,061 jobs statewide, according to a news release from the authority. The projects “are expected to result in $31.1 million in new payroll and spur approximately $185.9 million in investment across Ohio,” the state said.
For Polymer Additives, a specialty chemicals company, the authority approved a six-year, 40 percent tax credit for a project that, if it comes to fruition, would create $2.3 million in new annual payroll. The company is considering an expansion of its Independence, Ohio, headquarters and manufacturing operations in Cleveland and Walton Hills.
“State support is necessary to ensure the continued presence of the company in Northeastern Ohio in light of recent ownership change,” the authority said in documents describing the Polymer Additives project. It said the company's investment “would be toward leasehold improvements and new machinery/equipment.”
Polymer Additives expects to create 23 full-time equivalent employees. The city of Independence has expressed support for the proposed project.
For Wickliffe, Ohio-based Lubrizol, a producer of advanced specialty polymers, polymer based additives and chemical additives, the authority signed off on a seven-year, 45 percent tax credit for a project that would create nearly $1.6 million in new payroll in Painesville Township.
The company “is evaluating whether to make its investment in Painesville or in Deer Park, Texas, where it would establish a new facility,” the authority said in support documents describing the project.
The new facility “would be closer to crude oil and another Lubrizol manufacturing facility,” the state said. The proposed project in Painesville Township involves expanding operational capacity.
If the project comes to fruition, Lubrizol expects to create 24 full-time equivalent employees in Painesville Township.