Money from a 2012 Community Development Block Grant (CDBG) Economic Development Program will be used to assist plastics recycling company Geo-Tech Polymers with an expansion project in Waverly, Ohio.
According to a news release from the Pike County Commissioners in Ohio, Geo-Tech will receive a $460,000 loan from the county to help with the costs of purchasing and installing equipment at the Waverly plant. The expansion will create 50 new full-time jobs, according to the Pike County Commissioners office.
Geo-Tech, based in Westerville, Ohio, specializes in recycling coated plastics used in consumer and automotive applications. According to its website, the company developed a process to “remove coatings (paints and metals) and reclaim valuable plastic substrate materials without using chemicals or solvents that can degrade properties and diminish surface appearance.”
Geo-Tech was acquired by Wastren Advantage Inc., (WAI) a Piketon, Ohio, environmental technology company, in June, 2012.
“The Pike County Commissioners have provided a tremendous amount of support to our project, and we appreciate their hard work in helping us secure this financing,” says Doug Collins, president of Geo-Tech. “When WAI decided to acquire Geo-Tech and expand the operations to Waverly, our hope was to create opportunities and good jobs in our community. The Pike County Commissioners share our vision and we are pleased to partner with them.”
"We are excited to provide some of the financing for the Geo-Tech expansion to Waverly and look forward to the new jobs,” says Chris Ervin, Pike County’s Economic Development director. “WAI’s commitment to investing and creating jobs in Southern Ohio makes it easy to support this project.”
In addition to the $460,000 loan, Geo-Tech has received a $50,000 grant from the Fluor-B&W Opportunity Fund, a $10,000 grant from the Southern Ohio Agricultural and Community Development Foundation, a $1.2 million loan through the Jobs Ohio program and a $50,902 Job Creation Tax Credit.
The balance of the project is being financed by Ohio Valley Bank Corp., Gallipolis, Ohio.