FINDLAY, Ohio – Freudenberg-NOK Sealing Technologies today won an eight-year, 45 percent state tax credit on 25 jobs it plans to add at its automotive parts factory.
The credit, approved by the State Tax Credit Authority, will apply to the company’s payroll tax. The company, which employs 148, has through 2018 to add the jobs in order to receive the tax credit.
But Freudenberg plans to complete a related 43,000-square-foot expansion by winter. Freudenberg is spending $8.6-million for the building expansion and machinery and equipment.
The expansion will help increase compression and injection molding product production, which includes seal rings, thrust washers, pistons and assemblies.
The plant, off West Sandusky Street and Interstate 75, produces about 700 plastic sealing parts for vehicle manufacturers and other suppliers. Its existing plant has 51,690 square feet.
“Freudenberg-NOK’s decision … is true testimony to the positive business climate and outstanding workforce in Findlay and Hancock County,” said Findlay-Hancock County Economic Development Director Anthony Iriti.
Freudenberg-NOK Sealing Technologies is a joint venture between Freudenberg and Co. of Germany and NOK Corp. of Japan. The company is headquartered in Plymouth, Michigan, and operates more than 20 plants in the Americas.