PAINESVILLE, OH-PCC Airfoils LLC says it is going to spend $32.5 million to buy a site in the Painesville Renaissance Business Park and build an industrial facility of just less than 100,000 sf. The Portland, OR-based company, with an existing building in nearby Mentor, OH, is expanding into this new facility on 10 acres in the Painesville-owned park, and has said it will hire up to 150 new employees for the site.
The company is a subsidiary of Precisions Castparts Corp. The site here will become a major supplier of airfoils on large, land-based gas turbines for electrical power generation. The company said in a statement that it will start construction in August and be at full operation in December 2008.
Electrical power is what helped bring PCC to the city, says economic development director Cathy Bieterman. "We own our own municipal power plant and generate our own electricity," she tells GlobeSt.com. "Companies that are large electricity users, they see a substantial overall electric savings on their bills." The state also offered the company incentives such as a Job Creation Tax Credit and a Machinery and Equipment Sales Tax Abatement, Bieterman says. The pro-business city was joined by the Ohio Department of Development, the Lake County Economic Development Center and Team Northeast Ohio in helping to bring the company to expand in Painesville. Fred Herrera with CB Richard Ellis represented PCC in the site selection process.
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