Ohio Governor Approves Finance Package for Pennex Aluminum

Ohio Gov. John Kasich has approved a finance package that will assist Pennex Aluminum, headquartered in Wellsville, Pa., to expand its extrusion plant in Leetonia, Ohio. The company specializes in recycling industrial grades of aluminum scrap.

The aluminum firm, a subsidiary of the scrap metal company Metal Exchange, St. Louis, will create 65 positions and generate around $2.3 million while retaining $3 million in existing payroll with the expansion.

The state, under its Ohio Tax Credit Authority (TCA), reviewed the proposal that was brought before the TCA by JobsOhio. TCA has approved a 45 percent, six-year Job Creation Tax Credit for the project.

In addition to its extrusion plant in Leetonia, Pennex operates a remelt and extrusion plant in Wellsville, and a fabrication plant in York, Pa.

As part of the agreement, the TCA requires the company to maintain operations in Leetonia for at least nine years.

The project includes expanding an existing building, on-site infrastructure improvements and new machinery and equipment.

The Columbiana County, Ohio, Port Authority has expressed support for the proposed project.