Tuesday, June 14, 2011

Kasich Visits ThyssenKrupp – Company Announces $6.4 Million Investment in Hamilton

COLUMBUS – Today Gov. John R. Kasich joined employees at ThyssenKrupp in Hamilton to announce that the company will invest $6.4 million in the manufacturing of new, high-end shock absorbers for cars and trucks, resulting in the creation of 60 new full-time jobs at its Hamilton plant over the next three years. These shock absorbers are the most sophisticated of ThyssenKrupp’s line and are currently only produced in Germany. However, this project will make the Hamilton plant the only U.S. operation producing these advanced suspension systems. Out of the total $6.4 million investment, $5.9 million will go toward machinery and equipment necessary to produce the shock absorbers while $500,000 will go toward plant infrastructure improvements.

This project was critical to the Hamilton plant’s future relevance and without it, the plant would have been at risk of losing 185 existing full-time jobs. The Ohio Department of Development acted quickly to work with ThyssenKrupp officials and ensure that the plant’s current workforce, 60 potential new jobs, and the multi-million dollar investment would stay in Ohio rather than go to a competing plant in Mexico where the company has an existing operation. Development officials were able to offer incentives necessary to win the project, including $750,000 to be used for machinery and equipment.