More than 100 people will keep their jobs in Stow thanks to a $1.25 million dollar loan from Ohio. State Rep. Mike Moran ( D-Hudson) said the loan will help Wrayco, a major employer in Stow, become more competitive.
"I am so pleased that more than 100 people will keep their jobs with the help of this loan," said Moran. "In this economy, we must use every tool possible to attract and retain jobs in our communities. This loan represents a strong partnership between Wrayco, the state and local officials to keep our economy moving forward."
The loan will allow the Stow Community Improvement Corporation to help buy machinery and equipment at the factory site in Stow from Wrayco and lease it back to the company. In exchange for the financial assistance, Wrayco has committed to retaining the 108 full time positions. According to a press release.
"Wrayco specializes in the manufacture of leak proof vessels, such as fuel and hydraulic tanks, for heavy construction equipment," The company has 300 employees and has revenues of about $40 million, according to the manufacturers website.
Fuel tank manufacturers must clean the fuel and hydraulic tanks to prevent contamination of the contents. Cleanliness of the tanks is crucial to companies when selected a supplier. According to the Ohio Department of Development, Wrayco is developing a proprietary process that will improve on current cleaning methods. This will give Wrayco an advantage in the marketplace, and the loan will ensure that this process is developed and implemented in Stow, according to the news release.
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