MagreTech expanding

BELLEVUE — MagreTech is betting on Bellevue.The Chinese company Shanghai Regal Magnesium Co., LTD. purchased MagreTech on U.S. 20 in September when it was going to close its doors."MagreTech was going to go out of business at the end of the year, so it was good they bought it. They saved 28 jobs," said Steve Fuhr, Economic Development Director for Bellevue.The business will retain the name MagreTech, he said.Shanghai Regal Magnesium saved those jobs and is planning on adding 35 new jobs over three years.The new jobs are expected to generate $1.7 million in new yearly payroll and the 28 jobs will retain $1 million in existing payroll, according to the Ohio Development Services Agency."Starting pay for these new jobs is to be $23, that is a really good living wage," Fuhr said.The company plans to invest $9.2 million into the plant by expanding its plant and bringing in new technology for plant operations, Fuhr said.Shanghai Regal Magnesium had been looking around the United States to acquire businesses."Because of incentive they were offered they came to Bellevue," Fuhr said.MagreTech received a 1.138 percent, six year job creation tax credit from the state for this project, meaning that for six years the company can claim a 1.138 percent credit on the new Ohio employee payroll related to the new jobs.They also received a 40 percent city tax withholding rebate for six years from the city. They will also receive a tax exemption on the new construction for 15 years."They are a really good, employee-focused company. They like to make sure there employees are fully engaged and have input into their jobs," Fuhr said.