LORDSTOWN, Ohio -- Ground will be broken Sept. 17 for Matalco Inc.s $100 million remelt aluminum billet manufacturing plant to be built here on a greenfield site at 5120 Tod Ave.
Invitations to the event were sent late Monday to news organizations, the first confirmation that a potential project, first reported in October then granted state tax credits in December, would indeed be coming to the Mahoning Valley.
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, states its website.
The estimated $100 million investment to build the plant here would result in 60 new jobs and an annual payroll of $4 million, according to the company’s application for state incentives.
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.
At that time, a potential site in Lordstown was still “in competition with multiple out-of-state locations,” said Sarah Boyarko, vice president for economic development at the Youngstown/Warren Regional Chamber.
Matalco’s invitation to the groundbreaking includes the chamber’s logo as well as logos for TeamNEO and JobsOhio.
Boyarko, responding to an inquiry from The Business Journal about the invitation to the groundbreaking, said a press announcement from Matalco and the chamber is scheduled for release July 28. She could not provide further details.
The Tod Avenue greenfield site is part of the sprawling Ohio Commerce Center here.
Mayor Arno Hill said the village planning commission meets Monday to review the site plan for the manufacturing plant. "It will sit on Route 45, right across from the Anderson DuBose warehouse," he said. As for the total investment, Hill added, "It's actually north of $100 million right now, almost pushing $125 million. They've made some changes in the machinery and the building, I'm told."
Hill credits the owners of the Ohio Commerce Center and their marketing agents for securing the plant. "When the Bakeris brothers bought the [former] Space Center, they said they wanted to help the Valley and they sure have," he said.
Regarding the Matalco project, Hill elaborated, "We had a couple of issues with gas well issues on the property. There was gas for the plant on the property but they needed more volume and pressure and we go that resolved. It's 60 more jobs, more diversification of the tax base and more money for our schools."
Matalco’s parent company, Triple M Metal, was founded 40 years ago by Mike and Antonio Giampaolo and today is “one of North America’s largest, privately held fully integrated recyclers of ferrous and non-ferrous scrap metals,” its website states.
In addition to Matalco, Triple M operates Global Electric Electronic Processing, a “service provider focused on reverse supply chain solutions for telecom and IT products,” and Venture Steel, a processor and distributor of metal, primarily flat-rolled products.
Pictured: Rendering of plant Matalco plans to building Lordstown.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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