Project expected to create 50 jobs; receives local tax credit
TIFFIN, OHIO – August 17, 2015 – Following approval of a local job creation tax credit by Tiffin City Council this evening, the Taiho Corporation of America is announcing its decision to move forward with an $8 million, 50-job expansion at its North American headquarters and manufacturing operation in Tiffin. The project is expected to be completed three years and brings the company’s total investment to more than $21 million since 2012.
The Japanese automotive supplier currently employs 180 and manufactures more than 120 million parts a year at its Tiffin location, including engine bearings, bushings, and other specialty bearings – parts that go into such popular models as the Toyota Camry, Chevy Malibu, Cadillac CTS, and Honda Accord. The new project will allow Taiho to supply polymer-coated bearings and produce a completely new vacuum pump product line.
“Any Taiho facility worldwide could have supported this expansion; we are very pleased that the Tiffin location was chosen for both projects,” Taiho President and COO Nick Isogai said. The Ohio location was competing with other Taiho locations in Japan, Thailand, and Tennessee for the project.
The five-year, fifty percent municipal income tax credit — also known as the New Jobs Program — approved today is expected to be worth up to $37,000 over the term. In addition, the company’s existing Ohio Job Creation Tax Credit from its $13 million expansion in 2012 will capture the new activity and provide additional benefit to the company.
“Tiffin’s economy is surging. The resources available for projects like this are one of many reasons why Tiffin’s industries are expanding, and I am happy that Taiho was able to qualify for the credit,” Tiffin Mayor Aaron Montz said. Seneca County Commissioner Holly Stacy was also thrilled at the news, “We’re excited about the number of Seneca County residents that are Taiho employees, and that the number will be growing.”
Financial support for the project was also provided by JobsOhio and the Toledo-based Regional Growth Partnership in the form of a $35,000 state Economic Development Grant. Dean Monske, President & CEO of the Regional Growth Partnership, was pleased with the announcement. “Tiffin and Seneca County continue to be a strong economic development engine in northwest Ohio, and we were happy to support the project.”
About Taiho Corporation of America
Taiho is a global Japanese automotive supplier of bearings and bushings that has its headquarters in Toyota City, Aichi Prefecture, Japan. Founded in 1944, it currently has more than 1700 employees and over $1 billion in global sales is a $50M+ company in sales. It established its North American presence in 1980 and its first overseas manufacturing operations in Tiffin in 1996 as their first overseas base of operations. It currently employs 180 and operates out of a two facility complex in Tiffin’s Northstar Industrial Park with more than 180,000 square feet of space under roof. Learn more at http://www.taihousa.com.
Started in 1983, the Seneca Industrial and Economic Development Corp. (SIEDC) is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on at the company’s blog at www.senecasuccess.com.
About Regional Growth Partnership
Based in Toledo, Ohio, the Regional Growth Partnership (RGP) is private, nonprofit corporation designed to drive job creation and new capital investment in northwest Ohio through business attraction, retention and expansion efforts. The RGP also serves as the JobsOhio Northwest network partner, serving as the JobsOhio point of contact and customer service for state incentives for a 17-county region. Learn more at www.rgp.org.