DEVELOPMENT FINANCING ADVISORY COUNCIL APPROVES ECONOMIC DEVELOPMENT PROJECTS TO CREATE 123 JOBS IN OHIO

FOR IMMEDIATE RELEASE
January 30, 2006

Columbus, OH -- Governor Bob Taft today announced that the Development Financing Advisory Council (DFAC) has approved loans and bonds totaling more than $14.5 million for seven economic development projects. The loans, which are pending State Controlling Board approval, are expected to create 123 jobs and retain more than 665 positions.

Associated Hygienic Products, LLC (AHP), to be located in Delaware (Delaware County), will receive a $6 million Ohio Enterprise Bond Fund (OEBF) loan at an interest rate of 5.45 percent for a seven-year term and a $2 million 166 Direct Loan at an interest rate of three percent to purchase machinery and equipment. AHP manufactures and distributes disposable baby diapers, training pants, youth pants, and related products. The proposed project includes the purchase of two new pieces of machinery. The company has been evaluating locations in Georgia, where its headquarters are located, and Ohio. The more than $14 million project is expected to retain 200 Ohio jobs.

BHX, Inc., located in Coshocton (Coshocton County), will receive a $1 million 166 Loan at an interest rate of three percent for a 15-year term to purchase land and renovate a facility. BHX, a trucking company headquartered in Dover (Tuscarawas County) since 1934, will purchase the assets of Trans Service Trucking in Coshocton. This acquisition will save 60 existing full time jobs and create 38 new full time jobs at this facility. The total project cost is estimated at $2 million.

Codino’s Limited, Inc., located in Versailles (Darke County), will receive a $420,000 166 Direct Loan at an interest rate of three percent for a 15-year term to purchase a building and machinery and equipment. Over the years, Codino’s, a family-owned pasta maker, has developed new processes to expand its businesses as a local and regional frozen food distributor. The $700,000 project is expected to retain 41 positions and create 25 jobs within the first three years of the project’s initial operation.

Ernst & Moore Metal Technologies, LLC (EM), located in Moraine (Montgomery County), will receive a $1 million 166 Direct Loan at an interest rate of four percent for a 10-year term to purchase machinery and equipment. EM was formed by the union of Ernst Unformtechnik and Moore Quality Tooling as a tool and die maker for the American metal forming industry. The $3.5 million project is expected to retain 36 positions and create 25 jobs within the first three years of the project’s initial operation.


The City of Conneaut, located in Ashtabula County, will receive a $500,000 Rural Industrial Park Loan at an interest rate of three percent for term of 10-years and a $125,000 Rural Development Initiative Fund grant to create a 66-acre industrial park at the intersection of Thompson Road and US Route 20. The site will utilize a larger, 300-acre City owned site, with the City of Conneaut constructing all necessary infrastructure to service the park and create development ready sites in the community.

Siemens Energy & Automation, Inc., located in Norwood (Hamilton County), will receive a $3 million R&D Investment Loan Fund loan at an interest rate of two percent for a 10-year term to purchase equipment and make improvements to their Norwood facility. Siemens AG is one of the largest global electronic and engineering companies in the world, and an industry leader in medical, power, automation and control, transportation, information and communications, lighting, building technologies, water technologies and services, and home appliances. The $8.5 million project is expected to retain 327 jobs within the first three years of the project’s initial operation.

Imalux Corporation, located in Cleveland (Cuyahoga County), will receive a $500,000 Innovation Ohio Loan Fund loan at an interest rate of seven percent for a six-year term to purchase machinery and equipment. Imulax’s Niris Imaging System is based on optical coherence tomography (OCT) for visualization of tissue microstructure. The $775,000 project is expected to retain 2 positions and create 35 jobs within the first three years of the project’s initial operation.


The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Innovation Ohio Fund Loan (IOF)assists existing Ohio companies develop next generation products in industry sectors that include: advanced materials; instrument, controls and electronics; power and propulsion; biosciences; and information technology.