The Timken Company To Invest $50 Million In Its Ohio Steel Operations – The Timken Company announced on August 12 that it will invest approximately $50 million in its steel operations in Canton, Ohio. Slated to begin this year, the investment is for the installation of a new intermediate finishing line at the Gambrinus Steel Plant and expansion of the lay-down yard at the Harrison Steel Plant’s small-bar mill. Timken’s Steel Group has had a significant increase in demand across all markets, and 2010 sales are expected to increase by 70 to 80 percent compared to 2009. Sal Miraglia, Steel Group president, said that the investments have the goal of both meeting demand and continuing to improve the long-term competitiveness of our operations. The new finishing line in the Gambrinus Steel Plant will more efficiently handle both bar and tube products, ultimately replacing existing batch-type finishing processes at the plant when it is fully operational in 2013. The small-bar mill at the Harrison facility, which opened in 2008, continues to increase its output in response to demand, requiring additional space in the lay–down yard outside the mill for both finished and semi–finished steel. To read more about Timken’s investments in its steel operations, click on this news release.
Mercy Medical Center Breaks Ground For New Facility – Mercy Medical Center officials, and Stark County and Jackson Township community representatives, gathered on Thursday, August 26, to break ground on a new 55,000 sq. ft. facility in Jackson Township. This facility is the result of a partnership between Mercy Medical Center, Signet Healthcare (developers), and local physicians. Housed in the building will be a Mercy Statcare Immediate Care Center and Mercy Primary Care–Jackson, as well as Urology One and Tri County Hematology and Oncology. Also included will be an imaging center, lab, cardiac diagnostic services, and sleep lab. The project was funded through the issuance of tax–exempt Recovery Zone Bonds issued by Stark County through the Stark County Port Authority. Recovery Zone Facility Bonds are a type of traditional tax–exempt private activity bond that may be used by private businesses in areas designated as “recovery zones” to finance a broad range of depreciable capital projects. To read more about the groundbreaking, click on this Canton Repository article.
Stark State College Expanding Campus – Stark State College is expanding its campus via a new state program that lowers construction costs. The college in Jackson Township is spending more than $20 million in two new academic buildings, new parking lots, and renovations through an “enhancement” program approved for two year colleges by the General Assembly last year. This is the first time the rapidly growing two year college has borrowed money. The college could not generate money fast enough through its credit-hour fee, which led to borrowing money. Stark State became the first college in Ohio to take part in the state’s new intercept program, which Moody’s Investor Services has assigned a credit rating of Aa2, which is near the best. The Ohio Building Authority sold bonds on the college’s behalf, and estimates a $1.4 million savings on interest costs if the college had to borrow on its own. Stark State has broken ground on both buildings – a 40,000 sq. ft. Business and Entrepreneurial Center, which will open in January 2012, and the 46,450 sq. ft. North Academic Building, which will open next fall. Current enrollment is projected well over 13,000 for the fall. To read more about Stark State’s growth, click on this Akron Beacon Journal article.