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2019 Press Releases

Ohio Tax Credit Authority Approves Job Creation Tax Credit for Youngstown Tool & Die Project

Jan 31, 2019
The Ohio Tax Credit Authority approved a 1.467 percent, seven-year Job Creation Tax Credit for Phoenix International, Youngstown Tool & Die’s parent company, in support of its expansion in the Salt Springs Industrial Park in the City of Youngstown. The company will invest more than $12 million to construct a 60,000 square-foot manufacturing plant and equip this new facility with the latest advanced technology to service existing customers and expand market share.
The Ohio Tax Credit Authority approved a 1.467 percent, seven-year Job Creation Tax Credit for Youngstown Tool & Die, in support of its expansion in the Salt Springs Industrial Park in the City of Youngstown.

Phoenix International, Youngstown Tool & Die’s parent company, will invest more than $12 million to construct a 60,000 square-foot manufacturing plant and equip this new facility with the latest advanced technology to service existing customers and expand market share. At full capacity, the Youngstown facility, which will continue to operate as Youngstown Tool & Die, will employ approximately 100 permanent, full-time personnel, with a projected daily production of 100 dies.

Youngstown Tool & Die General Manager David Mrdjenovic noted, “These incentives will help us compete in the global marketplace, and this investment shows the State of Ohio’s commitment to manufacturing and the skilled trades.”

The Regional Chamber’s Manager of 422 Project and Business Development Lauren Johnson added, “We are so pleased to be part of this project, and today’s approval is another step forward towards securing this investment for the City of Youngstown.”

The Chamber team worked with the company directly to identify a preferred property for the new facility and provided a significant amount of project support, including coordination of economic development assistance from the city and state.

Phoenix International Spa is the leading European producer of aluminum extrusion dies and offers a comprehensive range of technological services to all companies operating within the aluminum extrusion industry. The company formed in 1972 and is headquartered in Verdello, Bergamo (Italy), where it manufactures aluminum extrusion dies for Italian and international markets.