PECo to Buy Dayton Facility, Bring 250 Jobs to the City
By Adrian Maties, Associate Editor
The Process Equipment Co. (“PECo”) has announced plans to purchase a 425,000-square-foot manufacturing facility at 2333 McCall St., near downtown Dayton. The acquisition is part of the Tipp City-based company’s plan to consolidate and expand its local operations.
The building is located on 30 acres in the Westview Industrial Park. The Dayton City Commission approved the sale on April 3. According to 2NEWS, the old factory was sold for only a dollar. Some surrounding land was also sold for $600,000. But the sale is not final. In the next three months, PECo will inspect the building. The company can cancel the deal if it considers repair costs to be too high.
The manufacturer of large precision-machined and fabricated components said the consolidation is contemplated to occur in three phases and could require as much as $10 million to be invested in relocation renovations, including the installation of power and HVAC systems. It expects the consolidation to be completed by the end of 2014.
Right now, PECo has four facilities in the Tipp City and Huber Heights areas and 181 employees. The new building will allow the company to consolidate all of its employees in one location while doubling its capacity to meet the growing demand for its manufacturing products and services. The contract includes a $750,000 Ohio Job Ready Sites Grant and a commitment by PECo to employ no less than 200 employees at the new building. Over the next five years, the company expects to hire an additional 250 employees. In 2013, PECo was recognized as a “Top Workplace” by the Dayton Daily News and Springfield News-Sun.
Albert Naggar, PECo’s owner, said in a statement for the press that “we are excited to serve as a driver of economic growth in our community. We have confidence in the growth of our business. Dayton’s Westview Industrial Park is the most appealing location for PECo’s consolidation because of the economic partnership that the city of Dayton has fostered with PECo.” Dayton’s mayor, Gary Leitzell, added that he is “thrilled to have PECo bring its world-class engineering and manufacturing to Westview Industrial Park.”
Photo credits: The City of DaytonTags: Acquisitions/Dispositions, Brokers, Cincinnati, Cincinnati Lead Story, commercial real estate, Dayton, Development, economy, Finance/Investment, Industrial, Local, National, PECo, Regional, Westview Industrial Park