COLUMBUS – JobsOhio today announced it has executed a Letter of Intent (LOI) to join the Institute for Advanced Composites Manufacturing Innovation (IACMI), a U.S. public-private partnership committed to increasing domestic production capacity, grow manufacturing and create jobs across the U.S. composite industry.
JobsOhio’s LOI includes a $5 million commitment to IACMI over five years, leveraging significant federal, state and corporate investment dollars totaling $250 million. As part of its Charter Membership, JobsOhio plans to appoint one representative to IACMI’s Board of Directors.
“Composites and carbon fiber are important drivers of innovation in numerous JobsOhio targeted industries, including aerospace, automotive, chemicals and energy,” said JobsOhio President and Chief Investment Officer John Minor. “IACMI membership will support our strategy execution across these sectors and allow us to deepen relationships with the consortium’s 140 members.”
The specific portion of IACMI work to take place in Ohio will be led by the University of Dayton Research Institute (UDRI) and feature full-scale manufacturing work cells in addition to supporting small business incubation and workforce development in partnership with Sinclair Community College.
“IACMI is pleased to welcome JobsOhio as a Charter Member,” said IACMI Chief Executive Officer Craig Blue. “Ohio is a longstanding leader in advanced composites and we look forward to the contributions of JobsOhio, UDRI and in-state corporate partners.”
Overall, Ohio is a key player in the composites industry, with over 260 companies based in Ohio employing over 24,000. A critical input for composites is carbon fiber, for which Ohio has a highly compelling production value proposition. Ohio offers access to one of the largest acrylonitrile (feedstock) plants in the U.S. and low-cost, reliable natural gas provided by the Utica shale formation. Additionally, Ohio is the largest supplier state to Airbus and Boeing and the second-largest auto supplier in the U.S., creating a great environment for innovative companies to overcome the cost challenge and penetrate the large market opportunities for carbon fiber.
JobsOhio is a private, nonprofit corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion efforts. JobsOhio works with six regional partners across Ohio: Appalachian Partnership for Economic Growth, Columbus 2020, Dayton Development Coalition, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.
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For more information, contact:
Matt Englehart, JobsOhio