Corvac Composites, LLC plans to open in Greenfield
By Rory Ryan
The Highland County Press
GREENFIELD – Corvac Composites is pleased to announce that it has reached a preliminary agreement to acquire an existing 175,000-square-foot facility in Greenfield.
The acquisition is subject to due diligence and anticipated to close in the third quarter of 2015, with new production slated for early 2016.
The Ohio Tax Credit Authority had announced that Corvac Composites, LLC was on the agenda for the authority’s meeting on Monday, June 29 at the Vern Riffe Center in Columbus.
Corvac Composites, LLC, headquartered in Kentwood, Mich., is positioned to open a new manufacturing location in Greenfield in the former RR Donnelley facility located at 1025 North Washington St.
Earlier this month, Corvac Composites filed its Limited Liability Company status with the Ohio Secretary of State.
Highland County Commissioner Shane Wilkin told The Highland County Press on Friday, June 26 that the local business development could lead to as many as 200 new jobs in Highland County.
Wilkin said this economic development project has been in the works for several months.
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The Ohio Tax Credit Authority is a five-member, independent board consisting of taxation and economic development professionals throughout the state who are responsible for reviewing and approving applications for tax credit assistance. The Authority also has oversight responsibilities that include monitoring and reporting the progress of approved tax credit projects.
Among the new projects on its June 29 agenda was Corvac Composites, LLC.
Corvac Composites, according to its website, is a supplier of airflow management and water-deflection systems to OEM and Tier Manufacturers. With 30 years of experience, Corvac Composites has become a leader in bringing thermoform manufacturing into the realm of high volume automotive applications. Different from injection molding, the Corvac ProcessTM utilizes a single side mold and vacuum to create the product shape.
It is estimated that the annual weight that the Corvac ProcessTM removes from North American roads equates to about 18 million pounds and that number is growing.
“Our products are extremely recyclable,” Corvac said. “We effectively keep millions of pounds of waste out of landfills by using recycled materials. In many cases we have agreements to acquire the recycled material directly from our customers.”
Corvac Composites’ customers include Toyota, Honda, Fiat and Chrysler. For 30 years, Toyota has utilized the Corvac ProcessTM on almost every Toyota and Lexus vehicle produced in North America.
“While Toyota is still our largest customer, we are now engaged with customers in almost every corner of the automotive world,” Corvac said.
RR Donnelley (formerly Banta Publications) of Greenfield had announced its closing in March 2013. The plant closing resulted in 166 jobs being lost.
The new Greenfield facility will continue Corvac’s expansion throughout North America, producing a variety of external automotive barrier parts for leading OEMs. In total, over $10 million in new machinery and equipment will be placed into operation at the site, and once complete, the facility is anticipated to employ over 200 people in the Greenfield area.
Details on future employment opportunities will be announced at a later date.
Corvac wishes to acknowledge the efforts of JobsOhio, the Appalachian Partnership for Economic Growth (APEG), Highland County Economic Development and the Village of Greenfield. Their cooperative approach has been very important to meeting project goals and timing.
For more information, go to http://corvaccomposites.com.