Spintech will remain at its 1964 Byers Road location, but also open at the 53,000-square-foot Earl Boulevard site to produce aerospace parts.
“Shortly after they moved here, they created a new division called Hawthorne Composites ... their branch of their company that actually makes aerospace parts with their tooling,” said Chris Fine, the city’s development director.
Fine said that represents “a substantial undertaking for a company of its size.”
Most of the company’s $7 million investment will be in machinery and equipment that will be used to manufacture aerospace parts.
Spintech will receive an extension of its tax credits from the city as it prepares for this expansion.
Council on Tuesday unanimously approved a three-year extension of the 40% job creation tax credit to help offset costs, amounting to approximately $185,000 over the three-year period.
Spintech CEO Tom Margraf told the Dayton Daily News the company is “truly grateful” for the partnership.
“The incentives provided are playing a vital role in supporting our growth — tripling in size this year, with plans to do so again next year — as we continue to expand in the Dayton region,“ Margraf said. ”This support further fuels our capability and capacity to deliver critical systems and solutions to the U.S. Department of Defense and the nation’s warfighters."
Spintech has 70 employees, Margraf said. Opening the Earl Boulevard site will immediately create 50 jobs to support the company’s growth starting with full-rate production of a low-cost cruise missile production program.
Continued production estimates are targeting as many as 150 employees altogether in the next two years operating out of that site, he said.
At the time of its move to Miamisburg, the city offered Spintech a local job creation tax credit to help offset relocation costs.
The company committed to creating 41 jobs in the community and $1.7 million in payroll, Fine said.
As of June, Spintech had not only met, but exceeded these commitments, maintaining 41 jobs and achieving $3.4 million in annual payroll, Fine said.
The current incentive period, approved by city council in 2021, runs from 2022 through 2026. The company has secured, or is in the process of securing, large-scale contracts to manufacture aerospace components, Fine said.
Spintech Holdings, which was formed in 2010 as a result of the commercialization of products created by Cornerstone Research Group, consists of two divisions, Smart Tooling and Hawthorn Composites.
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