MagReTech continues expansion

BELLEVUE — The expansion MagReTech began in November is getting bigger."MagReTech is a bigger expansion than anticipated. They are turning out to be one of the bigger employers in Bellevue, said Steve Fuhr, Economic Development Director in BellevueFuhr said the company, a magnesium recycler, is planning another expansion of approximately $10 million. They anticipate constructing three more buildings and hiring another 60 employees at an average starting salary of $23.This is in addition to the $9.2 million expansion MagReTech committed to in November, as well as the 35 employees they committed to hiring when the expansion first began in November.The $19.2 million total investment in a few months is a big turnaround for the company that just last year was in danger of closing its door. The Chinese company Shanghai Regal Magnesium Co. LTD purchased the company in November, saving existing 28 jobs."To go from basically closing in the second week I took office to what they accomplished. This is an amazing tribute to Steve Fuhr who had the contacts and made the phone calls. This is just the beginning for an amazing 2017 that we are planning here," said Bellevue Mayor Kevin Strecker.Shanghai Regal Magnesium was looking to move into the United States and decided on Bellevue after receiving a six-year job creation tax credit from the state for the new payroll created. They also received a 15-year tax exemption on the new construction and a six-year city tax withholding rebate from Bellevue.Calls to MagReTech were not returned.