Fenner Dunlop Looks to Ottawa County for Investment
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Port Clinton, OH/October 23, 2006 - Fenner Dunlop North America, Inc. announced today its plans to locate one of the company's most significant capital investments in recent years at their Port Clinton, Ottawa County facility. The announcement marks Fenner Dunlop's initiative to globally position the company for the future.
The investment of roughly $38 million will include the construction of a new manufacturing facility and the acquisition of state-of-the-art machinery and equipment for the production of the some of the world's widest steel cord belting product. Fenner Dunlop anticipates the creation of up to 75 new, full-time jobs at the Port Clinton facility.
"This is a tremendous investment for our company," explains Rob Giebel, President of Fenner Dunlop North America, "We are excited about the opportunities such an investment brings Fenner Dunlop and our decision to locate this investment in Ohio will solidify our competitive position worldwide." Mr. Giebel also adds, "The officials at the State of Ohio and Ottawa County worked diligently with us to see this project happen. This investment signifies the support of our Board of Directors and our Shareholders toward further expansion in the Americas."
As the world's leader in the field of conveyor belting, Fenner Dunlop manufactures the most comprehensive range of conveyor belting for many different industries and applications, such as aggregates, baggage handling, forest products, grain, mining, power generation and the tunneling industries. The company manufactures in excess of five million meters of conveyor belting per annum in 12 ISO certified factories across five continents and has a range of rubber, PVC and steel cord conveyor belts suitable for above and below ground applications. In addition to the company's extensive range of belting products, its technical knowledge and expertise enable Fenner Dunlop to manufacture special products to meet a company's specific needs.
The Ohio Department of Development has offered the company more than $9.1 million in financing and incentives for the project. Ottawa County has offered more than $1.6 million additionally to support the project.
The project is contingent upon final approval of financing and incentives by the Ohio Tax Credit Authority, the State Controlling Board and the Fenner Board of Directors.
