News Room

FOR IMMEDIATE RELEASE
April 30, 2007

Columbus, OH -- Lieutenant Governor Lee Fisher today announced that loans valued at more than $13 million have been recommended by the Development Financing Advisory Council to assist six companies and one community with economic development projects. The funds, which are pending State Controlling Board approval, are expected to retain 1,344 positions and create 364 jobs.

"Projects recommended for funding today are supportive of the state’s ongoing business development efforts and will assist in growing Ohio's economy and creating quality jobs for our outstanding workforce," said Lt. Governor Fisher, who also serves as the Director of the Ohio Department of Development. "We are pleased the state is partnering with these companies to support their growth and future success."

AAP St. Mary's Corporation (AAP), located in Saint Mary's (Auglaize County), has been awarded a $2.5 million 166 Direct Loan at an interest rate of zero-percent for the first two years of the loan and four-percent for the remainder of the seven-year term. The funds will be used to assist in the acquisition of machinery and equipment. AAP is a wholly owned subsidiary of Tokyo-based Hitachi Metals, Ltd. That supplies aluminum wheels to Ford Motor Company and is a major member of the Hitachi Group companies. The company has shipped over 25 million wheels in its 16 years history. AAP proposes to purchase new machinery and equipment to meet its projected sales growth. The project will allow capacity to increase production from 225,000 wheels per month to 250,000 wheels per month. This $18 million project is expected to create 20 jobs and retain 468 positions at the project site within the first three years of the project’s initial operation.

City of Dayton, located in Montgomery County, has been awarded a $2.86 million Urban Redevelopment Loan at an interest rate of three percent for a term of 15 years for construction of a speculative facility in the Tech Town business park. The City proposes to construct a two and a half story, 48,000 square-foot speculative facility that will include common space, conference rooms and a learning center. The facility will be managed by the CityWide Development Corporation and will be leased at cost effective rents to promote small business growth. The more than $6.7 million in total project costs include site preparation, new building construction, tenant allowances for improvements and related costs.

BEAR Materials, LLC. (BEAR), located in Springboro (Warren County), has been awarded a $2 million Innovation Ohio Loan Fund Loan at an interest rate of seven and a half percent for a term of ten years for construction and the acquisition of new machinery and equipment. BEAR will purchase machinery and equipment to be leased to Renegade Materials Corporation (Renegade), a new company formed to commercialize nanostructured high-performance composite materials for the military and commercial aerospace markets. The composites combine reinforcing material such as mat, fiber, fabric and nonwoven material with a full complement of resin prior to molding to control consistency and improve the efficiency of application. The composites have several potential applications and the military is exploring their use due to their ability to withstand high temperatures. Additionally, use of the composites in commercial aviation will reduce overall weight resulting in improved fuel efficiency. Renegade proposes to construct a 25,000 square-foot manufacturing building on a four-acre site and purchase machinery and equipment to enable the manufacture of the composite materials for the military and commercial aerospace industry. This more than $4.8 million project is expected to create 30 jobs at the project site within the first three years of the project’s initial operation.

Imasen Bucyrus Technology, Inc. (IB-Tech), located in Bucyrus (Crawford County), has been awarded a $2 million 166 Direct Loan at an interest rate of zero percent for the first two years and three-percent for the remainder of the seven-year term. The funds will be used to assist in the acquisition of machinery and equipment. IB-Tech manufactures and sells automotive seat slides and reclining adjustors and is a top employer in Crawford County. The company is a wholly-owned subsidiary of Imasen Electric Industrial Co., Ltd., a Japanese corporation and has doubled its sales since 2002. IB-Tech proposes to expand its existing facility with the purchase of new machinery and equipment. The project will enable the company to better support its primary product for the rollout of the 2008 Honda Odyssey, 2008 Civic, 2008 Acura RDX and the 2009 Acura TL models. This $4 million project is expected to create 101 positions and retain 425 jobs at the project site within the first three years of the project’s initial operation.

Specialty Metal Processing, Inc. (SMP), located in Hudson (Summit County), has been awarded a $1 million 166 Direct Loan at an interest rate of one percent for the first 12 months of the loan and three-percent for the remainder of the ten-year term. The funds will be used to assist in the acquisition of machinery and equipment. SMP is a metal processing company that primarily engages in steel processing and serves customers in the steel industry located throughout the United States. SMP markets its service to metal service centers, mills, distributors, fabricators and large end users in the eastern, Midwestern and southern areas of the country. SMP proposes to purchase machinery and equipment that will enable the company to significantly increase sales. This more than $2 million project is expected to create 33 positions and retain 30 jobs at the project site within the first three years of the project’s initial operation.

Harco Manufacturing Group, LLC. (Harco), located in Clayton (Montgomery County), has been awarded a $1.3 million 166 Direct Loan at an interest rate of zero percent for the first two years of the loan and four-percent for the remainder of the seven-year term. The funds will be used to assist in the acquisition of machinery and equipment. Harco is a newly formed company that was created to acquire work from Delphi in Dayton. The company will manufacture brake hoses and fittings for General Motors, work that is currently being done by Delphi. The brake hose provides for a flexible brake line from the suspension and braking components on a vehicle to accommodate the movement of the wheels, the steering movement and the caliper movement due to brake pad wear. The company proposes to purchase machinery and equipment to support the work formerly performed by Delphi. This $7.4 million project is expected to retain 421 jobs at the project site within the first three years of the project’s initial operation.

Workflow.com, LLC (Workflow.com), located in Westlake (Cuyahoga County), has been awarded a $1.5 million Innovation Ohio Loan Fund Loan at an interest rate of eight and three quarter percent for a seven-year term to purchase computers and office equipment and develop a new software product. Workflow is a healthcare information technology company formed in 2002 that has developed software offering solutions for electronic health records, practice management, document imaging, messaging and workflow. The company recently commercialized a software product that will reduce costs and improve efficiency in the healthcare industry. The company proposes to create a practice management software solution that utilizes the same platform as its existing electronic health record product. The project involves the acquisition of an existing practice management system and the transition of the existing system to a common platform to create an integrated system. This more than $2.3 million project is expected to create 180 positions at the project site 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 Loan Fund (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. The Urban Redevelopment Loan program removes development barriers from urban core property so that private sector job opportunities may be created.

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Media contacts: Melissa Ament at (614) 466-6619 or Maria Smith at (614) 466-2382