State tax credit boosts job expansion at Austintown company - WFMJ.com News weather sports for Youngstown-Warren Ohio

State tax credit boosts job expansion at Austintown company

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COLUMBUS, Ohio - The Austintown Township based Hynes Industries has received a seven-year, 40 percent Job Creation Tax Credit from the Ohio Tax Credit Authority for 42 new jobs as part of a possible $6.5 million expansion and consolidation of its manufacturing and distribution facilities.

Along with the planned expansion and investment in building improvements and new machinery and equipment is the retention of 140 existing personnel, as well as the creation of the 42 new jobs over a three-year period.

Payroll would be increased by $1.8 million.

As part of the job creation tax credit approval process, the company would have to remain in operation at the project site for a period of 10 years.

Sarah Boyarko, the Regional Chamber's vice president of Economic Development, North America, said, "We hope that today's tax credit approval, along with other local and state support, will help company leadership in making the decision to move forward with their investment in Mahoning County."

Hynes headquarters is located on Oakwood Avenue.

Operating since 1925, Hynes Industries specializes in customized metal processing for a large number of service centers, original equipment manufacturers and fabricators throughout North America.

The volume of steel that the company processes exceeds 100 million pounds annually.



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