Composite Technologies has operated for 15 years at its main plant at 401 N. Keowee St. The company is using state and city economic assistance, plus a $6 million investment from its owner, the family of Dayton entrepreneur Raj Soin, for an expansion that will add 50 employees to its current work force of 160 full-time and part-time employees within three years, Stacherski said.
In March, the company began moving production equipment into the former warehouse owned by the Soin family in an industrial area off Interstate 75.
Stacherski gave a tour of the plant Monday to Gov. Ted Strickland and aides to show them how the state’s investment is being used. The warehouse also gives the company direct access to a rail loading point, something that its Keowee St. location lacked, Stacherski said.
Strickland said the expansion shows how a public-private partnership can create jobs and help Ohio recover from the recession.
“It’s good for the environment, it’s good for employment,” the governor said.
About 80 percent of the plant’s manufacturing output uses recycled materials, keeping them out of landfills, Stacherski said.
The company’s product lineup also includes export pallets, plastic trash cans and lids for garbage bins.
The Ohio Department of Development’s support for the $3.2 million expansion included a $1 million loan and $52,000 job-creation tax credit. Grants from the state and Dayton totaled $175,000, Stacherski said.
The Soin family’s support also helped the company with financing at a time when business loans from banks have been a challenge to obtain, Stacherski said.