Ohio-based Fort Recovery Industries Inc., an aluminum and zinc diecast hardware manufacturer, said it plans to locate a manufacturing facility in Portland, creating up to 40 jobs by 2013.
The company announced late Monday that it plans to invest about $4.5 million to purchase and equip an existing 50,000-square-foot building in the northeastern Indiana city near the Ohio border, about 95 miles from Indianapolis.
Fort Recovery’s plant will produce and store diecast aluminum hardware for the automotive and office furniture industries. The company expects to begin hiring manufacturing and warehousing employees early next year, once the building upgrades are finished.
The Indiana Economic Development Corp. offered Fort Recovery up to $275,000 in performance-based tax credits based on the company’s job-creation plans. The city of Portland has preliminarily approved additional property tax abatement at the request of the Jay County Development Corp.
The company, founded in Fort Recovery, Ohio, in 1945, annually casts more than 14 million pounds of aluminum and zinc.