A high-tech manufacturer is preparing to nearly triple in size, adding 250 new high-skilled jobs after acquiring a 60-acre Miami Twp. site.
A deal aided by state and local tax incentives will help Cornerstone Research Group Inc. renovate an empty manufacturing building at 8821 Washington Church Road as part of a $10 million expansion.
The rapidly growing company that moved from Beavercreek Twp. to Miamisburg in 2017 is “actively hiring” with plans in June to start moving some activities to the new site, where the new jobs will have an average annual salary of $60,000, officials have said.
“This property will be instrumental in our expansion plans,” Cornerstone CEO Patrick Hood said in a company statement released after it acquired the land Tuesday.
“Our team has developed several new technology platforms rapidly reaching maturity and will require space for both production and added business staff,” he added. “This property has the space to expand our development and production capacity as well as plenty of acreage to build out a campus to support additional growth.”
Cornerstone does research and manufacturing for the aerospace, defense and industrial industries.
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The new jobs will translate into a $15 million in annual payroll, doubling the existing figures, records show.
Once the new building is fully occupied, the Miamisburg site on Earl Boulevard will be used for composites development and manufacturing, according to CRG.
The sale price of the Miami Twp. site was undisclosed, according to Montgomery County Auditor’s Office records. The property was last sold in October 2013 for $1,347,500, records show.
Cornerstone, founded in 1997, focuses on technology solutions with defense and aerospace issues.
Jobs CRG is looking to add to its 134-person workforce include software developers, aerospace engineers, electrical engineers, composite engineers, chemists, and manufacturing personnel, according to the company.
New job listings can be found on the company’s website.
The Miami Twp. site includes 174,000 square feet of space that will be house offices, production lines and labs, effectively expanding services offered the Miamisburg site.
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The $10 million investment includes the land purchase, improvements and equipment, according to the company.
CRG Vice President of Strategic Development Chris Hemmelgarn said “multiple technology products progressing toward procurement” is helping to push the company’s expansion.
Cornerstone’s growth plans has been aided by state and local funding. In October, the Ohio Tax Credit Authority approved a nine-year tax credit valued at $2.5 million for the expansion.
As part of the tax credit agreement, the state requires Cornerstone to maintain operations at the project site for at least 12 years.
The township helped the company get $200,000 in a Montgomery County Economic Development/Government Equity grant as an incentive to operate within our borders.
Miami Twp. Trustee John Morris said county funding helps “all areas in the community bring and attract businesses and help them grow and thrive” and those dollars “help us expand our services and jobs in our community.”
CRG has also sought state capital funding for “power systems for directed energy,” according to Dayton Development Coalition records. The company requested $7 million in funds for what it called “one of the top 10 technology focus areas for” the Defense Department.
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“Recent advances in (directed energy) weapons have shown the potential to field new capabilities, and lightweight power supplies are a vital component,” according to CRG’s application.
“High rate battery technology is a key enabler for lightweight DE power supplies, but current systems are often reliant on overseas battery providers which presents a supply chain risk,” it stated. “Domestic production of advanced battery technology will ensure a competitive advantage for the U.S.”
CRG’s primary objective “is to establish an advanced battery cell production and power system integration facility within the Dayton region that directly supports the rapidly growing needs and top priorities of the Department of Defense,” according to the application.
“This operation will deliver high-tech products to the defense industry and will require highly-skilled labor to support the design and production of these power systems. This project will lead to job creation, increased tax revenues, and expansion of the defense industry within the region.”
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BY THE NUMBERS
•$15 million: Added annual payroll with new jobs.
•$10 million: Investment in expansion at new site.
•174,000: Square feet of space in new site.
•$60,000: Average annual salary for new jobs.
•250: New jobs planned.
SOURCES: Montgomery County and Cornerstone Research Group.