$40M Lincoln Electric Expansion to Bring 200 Jobs to Euclid
- Feb 14, 2012
The city of Euclid is about to receive a boost: Lincoln Electric plans a $40 million expansion to its local facility. The project is expected to bring 200 welding jobs into the area over the next three years, benefiting from its Baltimore acquisition.
Lincoln acquired the Baltimore-based manufacturer Techalloy Co. in the summer of 2010for $37.9 million. Techalloy Co. is a 50-employee producer of nickel alloy and stainless steel welding consumables. Such products are in high demand by the gas and oil industry, particularly in deep-sea operations. Lincoln plans to renovate its Euclid facility to absorb Techalloy.
If Lincoln retains the new jobs along with its current workforce for 18 years, it will receive help from the city of Euclid, Cuyahoga County and the state of Ohio, with a package of tax credits, loans and cash payments. The company will get:
- a state cut in commercial activity taxes totaling $10 million over 15 years;
- three $1 million partly forgivable loans from the county’s Economic Development Fund; and
- a five-year incentive grant of $250,000 approved by the city of Euclid.
In order to receive the full package, Lincoln must invest its own $40 million to create the new jobs within three years. The money will go to moving equipment from Maryland to Ohio, buying new equipment and training workers.
Headquartered in Cleveland, Lincoln Electric is a world leader in design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxyfuel cutting equipment. It employs 2,200 people in Northeast Ohio. Besides the Euclid facility, Lincoln has another factory in Mentor. The company has 42 factories, including plants in 18 other nations, employing more than 10,000 people.