Step2 confirmed plans to upgrade two Ohio plants over the next three years, adding 200 jobs in the state.
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View full sizeStep2 Co. plans to expand plants in Streetsboro and Perrysville, thanks in part to tax breaks approved Monday.CLEVELAND, Ohio -- Plastic children's toys maker Step2 confirmed plans Tuesday to expand its plants in Streetsboro and Perrysville, adding 200 jobs over the next three years.
On Monday, the Ohio Tax Credit Authority approved tax credits for the two projects. Step2 Chief Financial Officer Jim Smith said the tax breaks are " going to assist us in the expansion plans that we have."
The company plans to add 125 jobs in Streetsboro over the next three years and 75 jobs in Perrysville.
Smith said the company plans to retool its two plants to increase their capacities to make toys and household products. He said the company has plans for several new products over the next few years, and it needed new equipment to enable those.
"We're concerned about the economy, but the initiatives that we're taking are initiatives aimed at 2013," Smith said. "We believe that they will be well-positioned for a change in the economy."
He added that even if the economy doesn't improve dramatically, the plant upgrades were needed to keep Step2 competitive with other plastic goods companies.
Though it did not play a major role in expanding in Ohio vs. other locations, Smith said the company is also excited about the growth of the state's natural gas industry. The resins that Step2 uses in its plastics come from natural gas, not oil, so local gas suppliers could drive down delivery costs, Smith said.
As new gas suppliers become available, "it will be an advantage to us," Smith said. "They are certainly going in the right direction for us."
