Resonetics’ expansion is expected to generate $5 million in new annual payroll and retain $7.3 million in existing payroll, according to the state.
The Ohio Tax Credit Authority has approved a 1.493%, eight-year tax credit for this project, according to the announcement.
The estimated value of the tax credit is $570,000 if all elements are met by the company, according to the Ohio Development Services Agency.
“Ohio is competing with California, New Hampshire and Minnesota for the proposed project,” state documents say. “State support will help ensure the proposed project moves forward in Ohio.”
Messages left with Resonetics Monday afternoon were not returned.
“We are proud to have Resonetics as a business in our city,” Kettering Economic Development Manager Gregg Gorsuch said in an email.
“We will do everything possible to assist with any expansion plans, and we are excited to watch them continue to grow at their Miami Valley Research Park location,” he added.
The business has about 147 employees in a 20,000-square-foot facility on 4.5 acres in the College Drive building it moved into in 2013, according to the city. State figures show the new payroll would average about $52,000 a year per job.
The business, based in Nashua, New Hampshire, focuses its technology on components and assemblies for medical device and diagnostics manufacturers, according to its website. It has 10 offices across four countries.
The research park has been a focus for Kettering since it bought about 300 acres in 2017. Last year, Life Connection of Ohio announced plans to build on more than 8 acres at the intersection of Research Boulevard and Woodman Drive.
The organ donation center plans to move its regional office from Dayton to Kettering as part of an expansion that could eventually nearly double its number of jobs, a company executive has said.
The move to a location expected to be nearly 30,000 square feet will put Life Connection closer to Community Tissue Services, a significant customer.
During 2020, Industrial Commercial Properties purchased four buildings and 28 acres the research park. One of those sites, a building on 10 acres at 1900 Founders Drive, will receive state and local aid for renovation to attract new tenants, it was announced earlier.