Venture Plastics Gets Tax Breaks for $3M Expansion
BRACEVILLE, Ohio –The Board of Trumbull County Commissioners on Wednesday approved a 10-year, 60% enterprise zone agreement for Venture Plastics Inc. so that the company could proceed with a $3 million expansion of its plant at 4000 Warren-Ravenna Road.
The expansion consists of a 17,000-square-foot addition to the plant in order to house new, larger equipment that would accommodate increasing demand for Venture Plastics’ products.
Braceville Township trustees approved the tax incentives at their meeting on Tuesday evening.
Venture Plastics manufactures electrical connectors, body side moldings, power distribution boxes, ladder components, in-ground fuel storage cap assemblies, and vacuum cleaner accessories.
Last month, company founder Tim Groff told The Business Journal that the expansion places the company in a competitive position moving forward in the market. “We’ve secured new business,” he said. “It’s to produce a large automotive part that requires a large machine.”
According to a release from the Regional Chamber, the expansion should add eight jobs and retain another 100 positions at the company.
“Venture Plastics is a valued company in Trumbull County and significant employer,” said Sarah Boyarko, the chamber’s senior vice president of economic development. “We’ve had opportunities to work with Venture on several occasions over the years, and we are certainly pleased that the county commissioners and township trustees have approved the property tax abatement in support of its continued growth.”
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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