Release time : 2015-06-15 08:21:05
Miba Bearings U.S. (a division of Miba AG, Austria) will have a sister facility built next to its McConnelsville, Ohio heavywall engine bearing plant.
Miba AG is the holding company for a group of original equipment manufacturers which supply the international engine and vehicle industries. Miba Gleitlager AG began in 1947 and is the large-bearing market leader in Europe, second in the world. Its Bearing Group has operations in Austria, Germany, Singapore, Japan and the United States, manufacturing high-performance thinwall and heavywall bearings for diesel and gas engines. For Miba, the Bearing Group accounts for over 32% of corporate-wide sales.
While McConnelsville is nearly 300,000 square feet, Miba's bearing manufacturing operations occupy a little more than half the floorspace.
The new facility, Miba Sinter USA, will be a 36,000 square foot plant producing sintered metal parts. It will eventually employ as many as 100 workers.
Reportedly valued at more than USD $22 million, the new powder metal facility will focus on automotive and similar component markets in North America. The value of the U.S. dollar has made the attraction of building such facilities in the U.S. more favorable.
Underscoring the internationally competitive marketplace for building such operations, Ohio was in competition with other potential locations in Michigan, and as far away as Austria and China.
To attract Miba Sinter, Ohio and the Morgan County Improvement Corporation (CIC) assembled a package of incentives. The Development Financing Advisory Council awarded $3.5 million to the CIC as a 204-month term loan at 0% interest, for 12 months, 1% for 13-72, and 2% thereafter.
As part of that package, CIC will use the funds to build out the 35,000 square foot facility to Miba's specifications, then least it back to Miba.
Miba Sinter will also receive 50% tax credit for seven years. In order to retain the credit, jobs would have to remain there for 14 years.
Miba Bearings President, Bernie Anderson, said: "We are really excited about the announcement of this project and Miba's continued investment in Morgan County. A lot of people have worked very hard and we appreciate all of the teamwork from the community to make this happen."
Miba Bearings and Miba Sintered, although neighbors, are still separate businesses. Miba Bearings employs over 250 workers in McConnelsville.
Mike Workman, CIC President, said: "The CIC and our county commissioners are very pleased to be support members of this wonderful Miba expansion. There will be a minimum of 50 new jobs in this building next year, and we are very grateful to the management of Miba that they have put their confidence in the people of Morgan County."