Several Northeast Ohio companies will go before the Ohio Tax Credit Authority Monday to ask for tax breaks in exchange for creating new jobs.
Roaster Jagmohan Sidhu stirs honey-roasted peanuts at the King Nut factories in Solon last month. The plant churns out more than 1 million bags of nuts per day and serves eight major airlines. On Monday, the state will consider tax breaks for King Nut.
CLEVELAND, Ohio -- Three Northeast Ohio companies will be considered Monday for tax breaks from the Ohio Tax Credit Authority.
The state won't release details of the tax break requests until after the meeting, but the state generally offers credits against income taxes for businesses that create jobs or expand operations.
SFS Intec, a Swiss company with a plant in Medina County's Sharon Center, has been hinting at a major expansion for several months. The plant makes screws and other fasteners for industrial construction and metal parts for the auto industry.
"It will be a major expansion of the facility," SFS Intec North American President Michael Mullen said Friday. He declined to share details of how many jobs would be added or how much money the company plans to spend until after Monday's meeting.
In Solon, King Nut Co., a maker of salty snacks often enjoyed on airplanes, is considering an expansion. The company's plant operates on three shifts, packaging 500 million snack packages per year.
Calls to King Nut were not immediately returned Friday.
Also on the authority's agenda was Avon Bearing, an Avon company that makes ball bearings and bearing assemblies for wind mills and industrial equipment.
The Michigan-based Kaydon Co. bought Avon Bearing in 2009 for $55 million. At the time, Kaydon said it wanted to get into the wind-turbine business.
Kaydon representatives were traveling Friday and not expected to return calls.