LT. GOVERNOR AWARDS $60,000 GRANT TO HIRSCHVOGEL, INC.
Company’s $11 Million Expansion To Create 52 Jobs in Columbus

FOR IMMEDIATE RELEASE
February 3, 2005

Columbus, OH -- Lieutenant Governor Bruce Johnson today announced that Hirschvogel Incorporated has been awarded a $60,000 grant from the Ohio Investment in Training Program (OITP) to cover training costs associated with the company’s expansion of its Columbus operation. The $11 million project is expected to retain 140 positions and create 52 new jobs.

“I’m pleased the State of Ohio is able to assist Hirschvogel in expanding its Columbus facility, and creating 52 good jobs,” said Lt. Governor Johnson who also serves as state development director. “I commend the company on its decision to invest in its Central Ohio operation, which is a valued member of our business community.”

Hirschvogel is a German-owned company that supplies cold and warm forged metal products to customers worldwide, primarily in the automotive industry, and manufactures specialty tool and die design for application in the forged metals industry. The company plans to construct an 18,000 square-foot expansion to its downtown Columbus facility, which will house a new machining operation. Hirschvogel also plans to install new equipment in its existing facility.

Ohio Investment in Training Program grants are available to assist companies in offsetting the cost involved in training new workers or upgrading the skills of existing workers, allowing companies to remain competitive in the marketplace. In addition to the OITP grant, the State has awarded Hirschvogel a 55 percent Job Creation Tax Credit for a seven-year term for this project. The tax credit is valued at $164,148 over the term and the company would be required to maintain operations at the site for 14 years.