subscribesubscriber servicescontact usabout ussite mapBuy a Classified
Sun, Nov 22 2009 

Resources

print this story   Print this story
  Post to del.icio.us

Published June 25, 2008 06:32 pm - Help for Ashtabula County’s economy is coming from north of the border.

Exchange-rate shift makes us attractive to Canadian investors


By CARL E. FEATHER - Lifestyle Editor - cfeather@starbeacon.com
Star Beacon

Help for Ashtabula County’s economy is coming from north of the border.

Earlier this month, Growth Partnership (GP) for Ashtabula County announced that Pickens Plastics, which has factories in Ashtabula and Jefferson, was purchased by Sigma Industries of Quebec City, Quebec, Canada, for an undisclosed amount. Pickens has 60 employees whose jobs have been secured by the sale, which has the potential of adding more jobs in the years to come, according to Growth Partnership.

The following day, GP announced the pending sale of NEO Plastics in Austinburg to RTS Cos. (U.S.) Inc. NEO, which filed for Chapter 11 bankruptcy Feb. 21, 2007, was a supplier for RTS, based in Waterloo, Ontario, Canada. According to a GP news release, RTS has been producing items at Austinburg for the last month.

The sale is expected to retain 19 existing jobs at the former NEO site. Joseph Mayernick, executive director of GP, said in a news release that RTS will be creating new positions and expanding the footprint of the former NEO plastics building.

“If all goes according to plan RTS will move ahead quickly with its expansion plans, thus adding more dollars to our economy,” Mayernick says. “This entire process represents another save for Ashtabula County, but more importantly, a new investment from a Canadian company which is well respected with substantial abilities to add to the plant and to the county over the years.”

The Canadians’ interest in Ashtabula County reflects a trend in the global marketplace driven primarily by a weak U.S. dollar. American assets traditionally were priced beyond the reach of the Canadian dollar, which once traded as low as 62 cents.

“The price of the assets being purchased (in the U.S.) have come down very considerably,” says Bernie Wolf, director of the International MBA program at Schulich School of Business, York University, Toronto.

The more favorable exchange rate means Canadian investors get more for their money, both in the initial purchase and operating costs.

“They can produce at a lower cost in terms of the exchange rate here,” says Jay Foran, vice president of business attraction for Team NEO in Cleveland, in explaining the imminent factor in the Canadians’ interest in northeast Ohio industry.

Foran says another factor is that the United States is typically the largest market for these Canadian firms and setting up shop here places them closer to their customers.

According to the Society of the Plastics Industry, Canada tied Mexico as the top export destination for U.S. plastics, 24 percent. However, 33 percent of imported plastics came from Canada that year.

Foran says the capable workforce in northeast Ohio is another actor and one cited by Mike Panayi, a partner with RTS.

In the GP news release, Mayernick quotes Panayi as saying “We have come to realize Ashtabula County offers a quality workforce. We believe that our acquisition of the assets at 2900 Industrial Road will be a win-win situation for all involved – the region, the workers and RTS Companies (U.S.) Inc.”

Wolf feels this cross-border investment, which has been going on for years in the opposite direction, is “most likely beneficial” to both economies.

Not everyone views foreign investment as win-win, however. Alan Tonelson, a research fellow with the U.S. Business and Industry Council Educational Foundation in Washington, D.C., says the sales illustrate the weakness of the American economy.



print this story    email this story   






autoconx
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide

PREMIUM JOBS

Mechanic
Muscle Cars Light Mechanic,
detail, PT, Geneva (440)466-1011
...>MORE

CLERICAL
Collections $12-15/hr
Customer Service $10-15/hr
Office Asst $10-1
...>MORE

BARTENDER
5 years exp. required. Part time fill in for weekends. Send resume to 17 Wall St.,
Jefferson, Ohio 44047
...>MORE

MDS COORDINATOR
MDS Coordinator
Experienced long term care RN with supervisory skills to direct MDS and electronic documentation pr
...>MORE

Part time Medical Equipment Delivery/Service Technician nician
Cleveland to Erie area.
Customer service skills required, clean driving record a must.
Send resume to PO Box
...>MORE

Assembly & Press Operators
For Girard, PA.
Plastics Manufacturer
15 openings. (814)833-6722
...>MORE

Restaurant
PILOT TRAVEL
CENTERS SUBWAY 

Pilot Travel Centers in
Austinburg is Now Hiring!

We are
...>MORE

EXECUTIVE DIRECTOR
Eastern Ohio P-16 Partnership
The P-16 Partnership, a new program to foster postsecondary success and career readin
...>MORE

LABORER
[No. 991023]
Ashtabula Campus -
Ashtabula, OH

Opportunity for laborer to perform unskilled tasks re
...>MORE

MAINTENANCE TECHNICIAN

WEK Industries is looking for an experienced maintenance tech with a background in machine controls, industrial el
...>MORE

See all ads

PREMIUM AUTOS

TIRES!!
Tires: 6 new 8 R 19.5 tires on GM Rims $75 ea. Also over 150 good used tires 13, 14, 15 & 16 $15 and up. 998-0462/ 319-0...>MORE

1997 DODGE STRATUS
Clean car, winter ready $1400 obo. 576-3438...>MORE

1999 Chevrolet Conversion Van
106k, nice shape $4500 obo. (440)951-9705...>MORE

2005 Verucci Motor Scooter
VGC $600 obo. (440)576-1585...>MORE

2005 Chevy Silverado ext. cab,
V6, auto, 42,000 miles $9000. (440)474-2390...>MORE

See all ads

PREMIUM HOMES

Mobile Home for Sale
1967 Globemaster 14x70
decent condition $1,000, new furnace
440-466-7885
...>MORE


1979 14x70, 2BR/2 Full BA, new carpet & vinyl flooring. Asking $6000. Call (440)992-9524...>MORE

2008 Mobile Home for Sale
2BR 2BA Like New,
Owner Financing Avail. No Dogs. Driftwood Acres 440-466-7777
...>MORE

OPEN HOUSE
Sundays 11/22 & 11/29
2pm-5pm, 2114 E. 42nd St. 2BR/1ba Ranch, full bsmt,
2 car det. gar. $79,300. (440)812-
...>MORE

KENT STATE UNIVERSITY
Clerical Specialist
[No. 991023]
Ashtabula Campus -
Ashtabula, OH

Opportunity for laborer to p
...>MORE

MOBILE HOMES FOR SALE
Oakwood MHP East Side Ash. Buckeye Schools. Starting $350/mo. Rent to Own Available.
Call Stacy 440-812-2404
...>MORE

Kingsville Home for Sale
3-4BR/2ba Home for Sale;
2.25 ac., 2.5 car gar., 2bay carport,
shed, $85,000; Will consider land contract....>MORE

RENT TO OWN
Geneva very nice, very large
3BR, new carpets & much more $250/mo. Credit problems ok. 440-673-1955
...>MORE

Ashtabula House for Sale
3BR home “as is” $25,000 obo
Call M-F 9-5, Ash. 440-992-9582
...>MORE

OWNER FINANCING
Ashtabula 2BR, 1BA, C/A, vinyl siding, new roof, carpet, plumbing & paint $30,000. 10% down & $324.05/mo. 5312 Madison A...>MORE

See all ads

PREMIUM EXTRAS

"WE NEED LAND!"
Paying top prices for farms or acreage in OH, W. Virginia and PA. Call Bruner Land Co. at (740) 685-8138....>MORE

Cemetery Lots
Greenlawn 3 spaces SOM section 2 $500 each. 1 burial vault $700 each. 1 - 28x16 granite base installed $280. Please cal...>MORE

Cemetery Lots
2-lots Garden of Christus, Greenlawn.
$400/both. 440-391-3795
...>MORE

MACHINERY & TOOLS
SAFES- Large & small, Forklifts, extra forks, Pallet Jacks, air compressors, (1-20HP), complete torch sets, welding gass...>MORE

CARPET & MATTRESS SALE
Carpet with pad installation $12.77 yd. FACTORY DIRECT
Mattress sets $100 & up.
BARTER HOUSE (440)964-7770
...>MORE

Hayward pump (1-1/2 hp) & D.E.
Filter for swimming pool, misc. pool access. $300 obo. 576-1585...>MORE

SEASONED FIREWOOD FOR SALE
Mixed Hardwoods. Cut & split approx 16” $225.00 cord (+) or Slab wood, cut $150.00 cord(+). Delivered within 15 miles of...>MORE

BUYING JUNK VEHICLES
WE PAY SCRAP OR BETTER
Budget Auto Parts,
6015 Woodman Ave. 992-1111
...>MORE

Tools
Top & Bottom box full of mechanics tools, impacts, air ratchets, grinder, sander, board file etc. If interested bring 4 ...>MORE

LAWN & GARDEN
9hp Craftsman 2 stage snow blower 29” path elec. start $650; Torro 5hp 2 stage snowblower elec. start $300; John Deer tr...>MORE

See all ads

PREMIUM RENTALS

Apartment for Rent
Avail Again! After 22 years. 2 room effic. $300+elect. & refs. Call 440-964-3483...>MORE

Apartments & House for Rent
1BR Apt., 2BR Apt. & 3BR House
Call Bill K. (440)813-4200
...>MORE

PLEASANT VIEW ESTATES, CONNEAUT
1BR suite Maple Ave, Conn, nicely decor, priv patio, quiet area near hospital, on site laundry, spacious parking, stove/...>MORE

Conneaut House for Rent
Conn. 3BR/1.5ba all appls./ trash inc. $575+sec. (440)265-0100...>MORE

HOUSE FOR RENT
3BR 1BA Saybrook 2 story with bsmt. det. 2 car gar. 5 acres w/creek, woods, ample deer & turkey for hunting $725/mo+1 mo...>MORE

GENEVA APARTMENTS 1BR & EFFICIENCIES
Move in specials. Water/sewer/ trash incl. All elec. (440)466-8025...>MORE

Trailers in Geneva for Rent
1-2BR Trailers Geneva,
trsh/wt/sr Incl. $350-$450+util
(440)994-9185
...>MORE

Conneaut Duplex for Rent
Conn; Half duplex, 3BR,$475/mo.
536 State St. (440)599-9919
...>MORE

House for Rent Conneaut
3-4BR Conn. $650/mo, all appl incl. C/A. Call (330)273-1622...>MORE

Ashtabula Unfurnished Apartment
Ash. 2BR 1.5 BA Townshouse
$475+util. 440-344-5218
...>MORE

See all ads



 

Community Newspaper Holdings, Inc.CNHI Classified Advertising NetworkCNHI News Service
Associated Press content © 2009. All rights reserved. AP content may not be published, broadcast, rewritten or redistributed.
Our site is powered by Zope and our Internet Yellow Pages site is powered by PremierGuide.
Some parts of our site may require you to download the Flash Player Plugin.
View our Privacy Policy
Advertiser index