Governor Encouraged by 2001 Cuyahoga County Growth Figures

GOVERNOR ENCOURAGED BY 2001 CUYAHOGA COUNTY GROWTH FIGURES
Region Continues to Grow and Attract New Business

COLUMBUS (December 31, 2001) – Governor Bob Taft today was encouraged by preliminary figures highlighting investment by companies locating or expanding in Cuyahoga County during 2001.

Nearly 120 firms have committed to projects of more than $1 million in Cuyahoga County this year. Through the Ohio Department of Development (ODOD), companies have committed to invest more than $73 million in new location or expansion projects that are expected to result in the creation of more than 2,200 jobs and the retention of more than 6,100 jobs.

“I am encouraged by the continued commitment of business and industry to locate and expand in Cuyahoga County,” Taft said. “These numbers speak well of the location and amenities the region has to offer as well as its dedicated workforce.”

Under Taft’s leadership, the Ohio Department of Development provides assistance to firms interested in expanding or locating their operations in Ohio. Several companies committing to invest in Cuyahoga County in 2001 include:

Progressive Insurance, a full service insurance provider headquartered in Mayfield Village, committed to a $13 million expansion project in Parma for its transportation recovery division resulting in the creation of 300 jobs;
Sherwin Williams Automotive Division, located in Warrensville Heights, committed to a $15 million paint research and development center resulting in the creation of 164 jobs;
Formtek purchased the assets of the former SNS Properties, making a $14 million investment in Bedford Heights. The company manufactures equipment for handling, feeding and forming metal for stamping operations. The project will create 40 jobs and retain 125 jobs at an average salary of $42,000;
Quark Biotech, an emerging cancer research company located in Cleveland, committed to a $2.3 million project resulting in the creation of 40 high paying jobs; and
NeoMed Technologies, a start-up company researching cardiac function located in Cleveland, committed to a $6 million project resulting in the creation of 50 high paying jobs.

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