Toledo Molding & Die to Add Jobs to the Region
TOLEDO, OH (Toledo Business Journal) - Toledo Molding & Die, Inc. (TMD) is making new investments that will result in the creation of 150 jobs between its Toledo, Delphos, and Tiffin locations. The majority of the jobs will be directly involved with manufacturing products for its automotive customers, but additional support positions across the business will also be added.
“New business awards with automotive customers are driving this,” stated Steve Ciucci, president.
TMD is a full-service supplier of air / fluid management and interior components and systems for the automotive industry.
In Toledo, TMD plans to lease additional floor space, as well as renovate its facility to house additional equipment. The Ohio Tax Credit Authority approved a 50%, seven-year tax credit for the creation of $1.1 million in additional annual payroll.
TMD will also receive a tax credit for the creation of $1.3 million in payroll in Delphos in Van Wert County. It will expand its current facility and invest in on-site infrastructure improvements. The company will claim the tax credit on income tax revenue generated at the project location in excess of the company’s baseline income tax revenue at the project location.
The Delphos facility was constructed in 1995 and was designed for flow-through manufacturing with assembly lines and close-coupled assembly and injection molding. The company owns 37 acres at this site and has won various awards for its performance.
Telamon Construction, Inc., located in Sandusky, Ohio, was selected for the Delphos plant expansion.
In Tiffin, the Ohio Tax Credit Authority approved a 50%, seven-year tax credit for the creation of $1.8 million in payroll. Tiffin will be renovating its facility to house additional equipment, as well as investing in leaseholding and on-site infrastructure improvements. The tax credit will also retain $12.9 million in existing payroll at the Tiffin location. The facility was built in 2003 to manufacture plastic injection and blow molded parts, HVAC ducts, and air handling assemblies.
According to Ciucci, activity on the projects has already commenced and will continue through 2013.
“TMD’s sales declined substantially during the recession, but with the rebound of the automotive industry and these new business awards, TMD expects to reach and potentially exceed pre-recession sales levels,” he explained.
He also added that the investment required to support the projects exceeds prior investments the company has made over a similar period of time.
“We are excited about expanding our operations in the state of Ohio and creating opportunities for existing and new employees,” stated Ciucci. “None of this would be possible without the confidence our customers place in us every day, the hard work and dedication of the many employees at TMD, as well as the support that we have received and continue to receive from the State of Ohio and the local communities where we operate.”
TMD, which currently has over 900 employees and multiple manufacturing plants, was founded in 1955 as a model and pattern shop. Its previous awards include GM Supplier of the Year, Visteon Very Important Partner, and the Ford PM Excellence Award.
The tax credits will begin in January 2013 and end December 2019.