Diebold To Build New World Headquarters In Akron/Canton Area – On April 12, Diebold Incorporated announced plans to construct a new, consolidated corporate campus which will form an expanded world headquarters in the Akron/Canton region. Diebold performed a broad analysis of how best to consolidate existing operations located in Summit and Stark Counties. As a result of that analysis, which included discussion with officials in other states, Diebold plans to combine five of its current locations into a single location. To ensure Diebold remained headquartered in Ohio, the State of Ohio committed approximately $56 million in tax credits, loans, and other incentives. The new Diebold campus will be comprised of headquarters-based operations, research and development, hardware and software engineering functions, and sales and marketing for the company’s financial self-service, security, and integrated service businesses. Diebold is currently considering a handful of sites in the Akron/Canton region for its new corporate campus. To learn more about Diebold’s plans, click here for the corporate press release.
Walsh University and Stark State College Announce New Collaboration – Walsh University and Stark State College signed articulation agreements on April 20 that will provide a seamless transfer of credits for Stark State College graduates seeking a bachelor’s degree at Walsh University. The five agreements were signed at Walsh University by Stark State College President Dr. John O’Donnell and Walsh University President Richard Jusseaume. Students who receive an associate’s degree in Business Management Technology, Marketing Management Technology, Accounting Technology/CPA Option or Nursing at Stark State College will now have the opportunity to earn a Walsh University Bachelor’s Degree in Management, Marketing, Accounting, or Nursing, respectively. Also signed was a renewal of the successful Early Childhood Education articulation agreement which leads to a Bachelor of Science degree in Education at Walsh. To learn more about this new partnership in education, click on this Walsh University press release.
Ohio Ranks #3 In Nation In Competitiveness of Business Taxes – In a study released by Ernst & Young LLP that rates the competitiveness of state and local business taxes on new investment, Ohio ranked third in the nation. The results reflect the type of analysis that businesses use to evaluate decisions about where to locate new capital investments in plant and equipment. The study provides a state-by-state comparison of the tax liabilities that new investments in selected industries or types of economic activities would incur in each state taking into consideration state and local statutory tax provisions and the financial and economic characteristics of the new investments. The analysis focuses on capital investments in industries that have location choices such as factories or headquarters. Ohio has the third lowest overall business effective tax rate. Ohio’s great business competitiveness ranking reflects the major business tax reforms adopted in 2005 that substituted the modified gross receipts tax for corporate income and franchise taxes and eliminated business tangible personal property taxes. To review the study, click here.
Timken Increases Steel Output and Jobs – Recent investments of more than a quarter of a billion dollars will increase Timken’s annual steel production capacity by 10%, adding jobs to the local market. Improvements at Harrison Steel Plant—where it first poured steel in 1917 for its renowned roller bearings—will be part of an annual increase of steel making capacity by 120,000 tons. Spokesperson Lorrie Paul Crum said that a new crew of 10 to 15 people had been added to handle increased production in addition to the workers that had been called back to work as production increased. The company is leveraging its $60 million rolling-mill investment at Harrison in 2008 to ramp up production. Huge increases in energy market demand, including oil and gas drilling and wind technology, along with more demand from automotive markets, is likely to bring more jobs with other projects, Crum said. The additional investments that Timken has made and are making will create new capacity at both the Harrison and Faircrest steel plants to support growing demand for finished bar products and billets for tubing products. To read more about Timken’s investment and increased capacity in steel production, click on this Repository article.