The company’s smart tools are used in the manufacturing of aerospace parts and represent an improvement in the tooling that has traditionally been used in this industry, Fine said. Spintech’s Hawthorn composites division uses high tech composite materials and innovative manufacturing methods to create complex geometric parts at lower costs than traditional manufacturing, he said.
Most of Spintech’s work is focused on the aerospace industry. The company launched its Hawthorn composites division this year, a move that is fueling its growth, Fine said.
“They’ve been looking around the region for new space to accommodate the larger company (and) they have found about 34,000 square feet of space at Austin Business Park that would fit their needs for the foreseeable future,” he said.
It plans to relocate to Miamisburg its 19 employees with an associated $1.7 million in annual payroll.
“Over the next three to five years, they plan on essentially doubling the size of the company to 42 employees and $3.4 million in annual payroll,” Fine said. “At full build out, they would be about $76,000 in additional income taxes to the city on an annual basis.”
The move to Miamisburg would require about $250,000 to $300,000 of tenant fit up costs on the part of the company, as well as $70,000 to $100,000 in estimated relocation expenses, he said.
The company asked the city of Miamisburg for assistance to make the move financially feasible, Fine said.
Miamisburg City Council on Tuesday evening voted to approve an ordinance authorizing City Manager Keith Johnson to enter into an agreement with Spintech Holdings to provide a 40% job creation tax credit for a 5-year period. The tax credit is valued at about $105,000, he said.
The agreement contains repayment provisions should the company fail to meet some of its obligations outlined within, Fine said.
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