SFS Group USA Inc., a maker of brake systems components for the auto market, just got approval from the Ohio Tax Credit Authority that will help it roll on with expanding its plant in Medina Township, Ohio
Ohio Gov. Mike DeWine's office announced that the authority at its morning meeting May 8, approved a six-year, 1.257 percent Job Creation Tax Credit for the U.S. unit of the Swiss company. The credit is associated with an expansion that allows it to add 45 full-time jobs and $2.5 million in additional yearly payroll. The state said the expansion also preserves $7.9 million in existing payroll.
The local award is one of eight projects set to create 663 new jobs and retain 499 jobs statewide. The plant is near Akron.
At its monthly meeting, TCA reviewed economic development proposals brought to the board by JobsOhio and its regional partners. Collectively, the projects are expected to result statewide in more than $35 million in new payroll and spur more than $185 million in investment.
SFS Group's current facility in the Portside Corporate Park was constructed in 2000 and expanded in 2023. Prior to that, it began operations in 1993 at a location in Valley City, according to a profile on the "Made in Medina County" Facebook page, which described it as a specialist in advanced applications of cold forming technology.
The company has also been a high-profile supporter of manufacturing talent attraction programs in Medina, Stark and Summit counties.
SFS Group in Medina, according to the state news release, makes brake systems components for passenger vehicles, including fasteners, blind rivets, and engineered metal and injection molded plastic parts.
SFS Group USA's corporate parent is listed on the SIX Swiss Exchange and is based in Widnau, Switzerland. It had 2022 gross sales of about $3 billion U.S., according to a March 3, 2023, financial statement.
Besides the auto market, according to its website, it also serves the aircraft, construction, electronics and medical industries. It has a workforce of about 13,500 at manufacturing sites and distribution companies at 140 locations in 35 countries around the world.