A Columbus automotive fastener company has received a 10-year tax abatement after announcing a $6.5 million planned expansion at Woodside Northwest Industrial Park.
Columbus City Council members voted unanimously to approve the tax abatement request for OSR, Inc., 7715 S. International Drive, a company that has been in Columbus since 2002.
The company plans to construct an 82,395-square-foot manufacturing facility off South International Drive in the Woodside Northwest Industrial Park, said Kenny Canfield, OSR vice president of sales and marketing.
The company is purchasing a 10-plus acre parcel of land for the development at 6893 S. International Drive, said Robin Hilber, city community development programs coordinator.
In addition to building the new facility, the company plans to install new manufacturing, quality and logistics equipment, company officials said.
The expansion will result in 29 jobs being retained at the company, while 12 jobs will be added by next year with an expected average wage of $20.17 per hour, Canfield said. The company primarily provides fasteners to Toyota.
The tax abatement will save the company an estimated $607,000 over 10 years for its $4.8 million real property investment and an estimated $91,941 over the same period for the $1.7 million personal property investment, according to city calculations. The property is located within an economic revitalization area, according to city officials.
Hilber appeared before the council with Canfield; Makoto Inagaki, president of OSR, Inc.; and Kozo Matsumoto, general manager in the sales department with OSR, Inc’s parent company Owari Precise Products Co. Ltd. based in Japan.
OSR intends to break ground on the new facility in March, noting that the project was driven by continued growth, Canfield said. “Our goal is to have it completed by the end of October,” he said.
OSR, Inc. is a manufacturer of automotive fasteners and provides parts primarily to Toyota. The company, currently located at 7715 S. International Drive in the Woodside Northwest Industrial Park, has been in operation in Columbus since 2002.
It was established through a joint venture by Owari Precise Products Co. Ltd, and Rightway Fasteners Inc. president Shinichi Kimura, Managing Director of Owari, Japan, according to the company’s website.
Rightway Fasteners Inc. also makes fasteners for the automotive industry and has a plant on South International Drive.
More information: osr-inc.biz/index.html
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