Company to invest $33 million in Leetonia, Ohio, plant.
Pennex Aluminum Co., headquartered in Wellsville, Pa., has announced plans to undergo a $33 million expansion of its Leetonia, Ohio, aluminum extrusion facility. The project will include the installation of an extrusion press line, construction of a specialized fabrication production center and a 170,000-square-foot building expansion.
Pennex is a subsidiary of Metal Exchange Corp., a supplier, processor and purchaser of nonferrous metals that is headquartered in St. Louis. The company specializes in recycling industrial aluminum scrap.
Pennex says the project is expected to create 65 new jobs and to come online in late 2014.
Dave Riebe, Pennex president, says, “This expansion involves advanced technology that will provide unique capabilities to serve our customers. The Leetonia facility is state of the art with a highly motivated and productive team of people. We are excited for our employees and the community, as the expansion will bring new jobs and opportunities.”
The Leetonia facility is TS 16949 quality certified and services a range of automotive and engineered product requirements. (TS 16949 is a quality management system developed for the automotive industry and its supply chain.) Pennex says the expansion builds on the company’s 35-year history of creating high-quality extruded aluminum products to meet its customers’ needs.
Rick Merluzzi, CEO of Pennex, says, “This significant investment reflects our unwavering commitment to serve our long-term customers and prospective customers. The Leetonia expansion follows Pennex’s acquisition of the facility in 2010, the expansion of the York, Pa., fabrication facility in 2012 and the 2013 acquisition and restart of the billet casting operation in Greenville, Pa.”
To assist with the expansion, the state of Ohio approved a 45 percent, six-year tax credit for the project.
“We are grateful for the state’s tax credits, Leetonia’s support of a 100 percent, 15-year tax abatement and the Port Authority of Columbiana County’s partnership with us to facilitate this investment,” says Riebe.