CLEVELAND, Ohio — A specialty chemicals company and fixture manufacturer are working on new projects in Beachwood and Ravenna that could lead to 88 new jobs. The Ohio Tax Credit Authority approved incentives for both companies at a meeting on Monday.
Beachwood-based Omnova, a subsidiary of British company Synthomer, plans to expand to add an adhesive resins business that could employ 43 new people by the end of 2024. The company already employs 347 people.
Synthoma bought an adhesive company in 2021 and is looking for a place to relocate the business and employees, according to project information provided by the state Department of Development. The eight-year tax credit is worth $645,000.
Massachusetts-based Boston Retail Products manufactures shelving and fixtures for stores, hospitals and pharmacies. The company is looking consolidate its Youngstown-based plastics division and Boston-based metal division under one roof, according to the state.
The company received a six-year tax credit worth $150,000 as an incentive to build the project in Ravenna. The company expects to create 45 new jobs and keep 35 existing jobs in Ohio by the end of 2025.
For both projects, the tax credits are performance based. So the companies will only get the tax credits if employment goals are met.
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