State to loan Mutual Tool $800K
Tuesday, April 29, 2008
DAYTON — Ohio government has awarded Mutual Tool & Die an $800,000 direct loan for an expansion that is expected to retain 90 jobs and create 65 new ones.
The loan has been awarded at an interest rate of three percent for seven years, the state said Monday, April 28. Founded in 1947, Mutual today makes tools and parts for customers in the defense, oil, transportation and other fields. Bill Badie, of acquisitions firm The Renaissance Group, bought the company in December 2004.
Extras
The company proposes to buy a large computer-numeric-controlled boring mill for big manufacturing jobs the firm can't currently handle, the Ohio Department of Development said.
Becky Edgren, Mutual Tool's chief executive, said the expansion — on which she has already worked for a year — requires more planning and work. She said the firm was several months away from acquiring a new mill.
The planned investment is valued at more than $2 million, according to the state.
In February, Dayton government said it would support the investment with $100,000 from its development fund.
The company has two plants, one on Lilac Avenue and another on South Broadway Avenue.
Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.
