April 01, 2014
REDI assists mid-east business, 2 others with local projects
REDI Cincinnati, the economic development arm of the Cincinnati USA Regional Chamber, has added a foreign-owned company to its widening portfolio of businesses it has helped grow in our region.
Yesterday, REDI Cincinnati announced the advancement of three local economic development projects that will create more than $11M in capital investment in the region after the State of Ohio’s Tax Credit Authority granted approval for projects for Octal Extrusions, Inc., Fecon, Inc., and WHAPPS, LLC.
The expansion deals will either create or retain more than 225 jobs at the project sites located in Hamilton, Warren, and Butler Counties. Additionally, Octal Extrusions, Inc., headquartered in the country of Oman, is an example of foreign direct investment in Cincinnati USA. The economic development projects announced are in addition to the six previously announced by REDI Cincinnati in 2014.
- Octal Extrusions, Inc., 5399 East Provident Drive, West Chester Township, Butler County, 52 new jobs created, $1.6M in new payroll created. Capital investment of $10M. Established in 2006 in Oman, Octal has emerged as the largest PET resin manufacturer in the Middle East. The company is locating their first manufacturing center in the United States in West Chester Township.
- Fecon, Inc.,3425 Grant Drive, City of Lebanon, Warren County, 25 new jobs created, 109 retained jobs, $1M in new payroll created. Capital investment of $1.6M. Fecon serves the organic resource recovery industry. By acquiring additional property at their current site, the company’s logistics will enable further growth.
- WHAPPS, LLC., 441 Vine Street, City of Cincinnati, Hamilton County, 18 new jobs created, 29 retained jobs, $1M in new payroll created. Capital investment of $180,000. WHAPPS, LLC. builds loyalty marketing programs for Fortune ® 1000 companies. The project will allow an expansion at their current site in Cincinnati.
“These projects demonstrate that while our economic development efforts might benefit Cincinnati USA, our focus goes well beyond just our region,” said Matt Davis, interim executive director of REDI Cincinnati. “To have a company like Octal Extrusions, who could have invested anywhere in the United States, choose our region is proof positive of the continued momentum that we have not just nationally, but globally,” Davis added. REDI Cincinnati often travels internationally in their economic attraction efforts. This year that travel schedule includes Germany, Japan, France, United Kingdom, India and Israel.
REDI Cincinnati was able to close these deals with the partnership of JobsOhio, the state’s private, nonprofit organization that promotes job creation and economic development. Additional partners include Warren County, City of Lebanon, Ohio Means Jobs-Warren County, Duke Energy, West Chester Township, and the City of Cincinnati.
In addition to these three companies, REDI Cincinnati has also assisted Frederick Steel Company, LLC, Batterii, LLC, McFeely’s Inc. Coupons.com, A&P Technology, L-3 Fuzing & Ordnance Systems and Multi-Color Corporation with projects in 2014.
This week's announcement continues an impressive run for the region’s economic development efforts. Just last week, Cincinnati was rated second in a ranking of the most cost-friendly business locations among U.S. cities, following Atlanta, according to KPMG. Earlier this year. Cincinnati USA was ranked sixth by Site Selection Magazine in the number of new and expanded facilities among top metros with a population of more than 1M. Last year, the region was eighth in the same Governor’s Cup ranking.