Fabian Schmahl , president and chief executive officer of ThyssenKrupp Bilstein, declined comment until July .
The Ohio Third Frontier Commission met Tuesday and recommended ThyssenKrupp be funded $500,000 through the Third Frontier Targeted Industry Attraction Program, subject to the approval of the Ohio Controlling Board, according to a release from Ohio Department of Development. Ohio Third Frontier is an economic development initiative focused on technology and funded by voter-approved bonds. The manufacturer of automobile shock absorbers wants to bring its technology for Real Time Damping Systems shock absorbers to Hamilton, according to Ohio Department of Development.
It is technology that would be new to the U.S., the department said. According to the state agency, ThyssenKrupp’s customers include Daimler, General Motors, Toyota, Chrysler, Ford and Nissan, among others, and the company already has received an order from Chrysler to produce the shock absorbers.
Officials from the city and Greater Hamilton Chamber of Commerce have been working with the company on the expansion project close to a year now, said Stacey Dietrich-Dudas, Hamilton economic development specialist. Kenny Craig, president and chief executive officer of the Hamilton chamber, said part of the work was to bring the right players to the table to give ThyssenKrupp the tools it needs to expand. That meant touting how the project is good for the city, Butler County and the state, Craig said.
He said he’s not aware of other businesses in the county ever receiving Third Frontier funds before.
The Hamilton Community Improvement Corp. at its April 26 meeting recommended the city reach an agreement to loan the manufacturer $100,000 to help buy machinery and equipment, according to city documents. According to the corporation’s meeting minutes, the state has also offered an incentive package to the company valued at $750,000, which Dietrich-Dudas said includes the Third Frontier award.
The project was part of a report for city council’s meeting Wednesday to let council know what’s coming up at their next meeting, Dietrich-Dudas said. Council would vote whether to approve the loan June 8.
“Sixty new jobs I think is a very big deal,” she said.