Published March 31, 2008 09:57 pm - The Ohio Tax Credit Authority Monday approved a seven-year 50 percent tax credit for Pickens Plastics for the creation of 145 new full-time jobs. Pickens Plastics new owners get tax credit approved by state Star Beacon
JEFFERSON — The Ohio Tax Credit Authority Monday approved a seven-year 50 percent tax credit for Pickens Plastics for the creation of 145 new full-time jobs.
Pickens was taken over by Sigma U.S. Industries.
The value of the tax credit is estimated at $422,115 over the term. As part of the agreement, the authority requires the company to maintain operations at the Jefferson factory for at least 14 years.
Sigma, a leading composite and metal products manufacturer, employs about 550 workers among six affiliated companies. The company produces components for heavy-duty trucks; coaches; transit systems, including buses, trains and subways; agriculture, light forestry and wind-energy manufacture; and machinery.
Sigma was established last March, and Pickens Plastics was acquired this March.
The Job Creation Tax Credit approved Monday was a major factor in Sigma’s decision to locate in the Ohio, officials said.
Sigma plans to create 145 new full-time jobs within three years of the project’s initial operation and retain 75 existing full-time jobs for 14 years. The average wages new jobs will be $14.25 per hour, plus $4.20 per hour in benefits.
The tax credit will run through the end of 2014.
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