News & Press
Machine Tool Builder Will Invest $39 Million in NW Ohio
Located in Wood County, IMCO Carbide Tool will undergo a 15,000 square-foot plant expansion and hire at least 92 new people to support growing demand for its product. The $39 million project will begin in the third quarter of 2022 and be completed in the fall of 2023.
Company Name: IMCO Carbide Tool Inc.
Site Region: Northwest
Country of Origin:
- Region: Northwest Ohio
Industry Sector: Advanced Manufacturing
Company Profile: IMCO Carbide Tool is a renowned manufacturer of high-performance carbide cutting tools such as drills, end mills and reamers. Company provides a variety of applications in the aerospace, automotive, medical, petrochemical, and manufacturing industries.
Company Website: https://www.imcousa.com/
Type of Project: Expansion
- Jobs committed: 92
- Jobs retained: 98
Capital Investment: $38,963,327
Timetable: The $39 million project will begin in the third quarter of 2022 and be completed in the fall of 2023.
The company’s acquisition by IMC / Berkshire Hathaway has opened additional markets for its tools. The company’s capacity is constrained & unable to produce the tool volume. Expanding, the company will retain a workforce annual payroll of $5.4M & add $782K a year in payroll over six years. Partnering with 2nd largest metal tooling company in the world, IMCO has created an endless opportunity for growth in Ohio, the United States, and abroad. The project will eventually be 55,188 square feet of newly constructed corporate headquarters.
In choosing to expand at its existing site, the company credited its trained, dedicated workforce and the strong business climate as significant factors in the decision.
JobsOhio, Regional Growth Partnership, Ohio Department of Development