Ohio Gov. John Kasich announced the approval for assistance of 12 projects in the state, including a tax credit for a company with plans to move its headquarters to Miami Twp.
A Memphis-based Verso Corp. expects to create 46 full-time positions, generating $11.3 million in new annual payroll and retaining $18.5 million in existing payroll as a result of the company's consolidation project in Miami Twp. in Montgomery County.
The plan is still contingent upon state and local incentives, according to a news release from the Dayton Development Coalition.
“Verso appreciates the solid support our office consolidation in Miami Twp. has received from Miami Twp., Montgomery County, the Dayton Development Coalition, JobsOhio and the State of Ohio,” said Kenneth Sawyer, Verso’s senior vice president of Human Resources and Communications. “This job creation tax credit will help Verso in our efforts to reduce costs as we build a strong, better company for the future.”
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Verso produces coated papers and specialty paper products, according to a news release. The TCA approved a 1.7 percent, six-year Job Creation Tax Credit for this project. Verso Corp., which said the move depends on state incentives, made the announcement Monday as it moves to improve operations after a bankruptcy.
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The public company, which acquired Miami Twp.-based NewPage Holdings in 2014 for $1.4 billion, emerged from bankruptcy in July. Verso's restructuring reduced the company's debt by $2.4 billion and included $595 million in exit financing to support ongoing operations and capital investment.
“The paper industry legacy runs deep in the Dayton region,” said Phil Parker, president and CEO of Dayton Area Chamber of Commerce. “From Mead Paper to New Page and now Verso, its history is rooted in our business community.”
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The 12 projects awarded assistance are set to create 694 jobs and retain 2,501 statewide. Other projects awarded funding include:
• Hayneedle Inc. in Monroe was awarded a 2.062 percent, six-year Job Creation Tax Credit. The company is expected to create 1-4 full-time positions, generating $3.2 million in new annual payroll.
• American Retail Corporation, Village of Evandale in Hamilton was awarded a 1.256 percent, seven-year Job Creation Tax Credit. The project is expected to create 57 fill-time positions, generating $2.7 million in new annual payroll.
• Darana Hybrid Inc. in Hamilton was awarded a 1.838 percent, eight-year Job Creation Tax Credit. The project is expected to create 200 full-time positions, generating $9 million in new annual payroll.
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