Ohio Aluminium Fabricator Completes $23 Million Expansion
Pennex Aluminum recently completed a $23 million expansion of their Leetonia, Ohio facility. The 175-employee facility specializes in aluminum fabrication and extrusions for the automotive, construction, HVAC, landscaping, and off-road vehicle markets.
The company, which is part of Pennsylvania-based Metal Exchange Corporation, was founded in 1979 and acquired the Leetonia plant in 2010. The primary focus of the investment will be new equipment focused on increasing the company’s offerings and meeting market demands. Upwards of 50 new jobs will also accompany the expansion.
Syncing with the completion of the project is the 40th anniversary of Pennex being purchased by MEC. Making everything possible is a local school district agreement that provided Pennex with a 15-year tax abatement in which the company repays 25% of its property tax value, which comes out to about $45,000 annually, directly to the district.
The deal is seen as a win-win with the company receiving investment funds and the school realizing financial benefits from up to 50 new families joining the 650-student school district. The tax abatement could also help with future plans, as company executives have reportedly alluded to another expansion within the next five years.
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