A Greater Cincinnati automotive manufacturer is planning a more than $150 million expansion.
ADVICS Manufacturing Ohio Inc., based in Lebanon, plans to construct a third building on its campus, located at 1650 Kingsview Drive. The expansion is expected to create 260 new jobs, retain 714 jobs and be a $150.5 million capital improvement.
The company makes disc brake calipers and electronic stability control units on 20 different vehicles for many of the world’s leading automakers. The new building would be home to ADVICS’s electronic park brake business, as well as aluminum caliper production. The company was looking at outsourcing production of this part, importing the part from Japan or hiring a total of 260 new employees in two phases to produce the part in-house, according to a scope of work document from the Ohio Department of Development.
ADVICS received approval for a nearly 1.54 percent, six-year job creation tax credit from the Ohio Tax Credit Authority Monday, valued at $880,000. The TCA's incentive is based on new payroll now, instead of state income tax withheld. As part of the tax credit agreement, the authority requires ADVICS to maintain operations at this project location for at least nine years.
Officials with ADVICS did not immediately return calls for comment.
The city of Lebanon also asked Ohio’s Controlling Board to approve a $500,000 grant to improve roads around the facility so ADVICS can add space, according to Business Courier sister publication, the Dayton Business Journal.
ADVICS would invest in construction of a new building, expanding an existing building, road construction and new machinery and equipment.
ADVICS Manufacturing expects the 260 new jobs to generate more than $10.9 million in annual payroll, or about $42,100 average annual salary.
This latest expansion is in addition to a $100 million expansion ADVICS Manufacturing announced in January 2014.
Johnna Reeder, president and CEO of the region’s leading economic development initiative, REDI Cincinnati, said it’s good to see a manufacturing company grow and thrive.
“Automotive manufacturers continue to be vital assets in our regional economy,” Reeder said.