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Board of Directors
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Steven M. Kasarnich
Chairman Executive Regional Director, Ohio & Vicinity Regional Carpenters Council
Patricia McKay Vice Chairman President, McKay Insurance Agency, Inc.
Joseph G. Dancy Secretary Tire Engineer, The Goodyear Tire & Rubber Co.
Timothy R. Fitzwater President and CEO, National City Bank, Northeast Region, retired
Virginia Robinson Personnel Director, City of Akron
Kathy Stafford, Vice President for University Relations, Kent State University, retired
C. Michael Rutherford Chief Financial Officer, Summa Health System
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Greetings!
The Summit County Port Authority works with other northeast Ohio counties, promoting economic and community development projects on a regional basis. Our regional partner serving the Mahoning Valley is the Western Reserve Port Authority and one of those development projects is Exal Corporation located in Youngstown. We are pleased to have the opportunity to share this story and more about SCPA with you.
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EXAL CORPORATION
If you have enjoyed a Bud Light in one of those cool aluminum
bottles or picked up a can of your favorite new Axe Body Spray, you have been a consumer of products
manufactured by Exal Corporation (Exal) in Youngstown,
Ohio.
Not the contents of the bottle, but the bottle itself. Exal, the largest manufacturer of aluminum
bottles worldwide produces a variety of bottles for a wide range of
consumer products, from beverages to cleaners to health and beauty care.
Founded in 1993 in Youngstown,
Ohio, Exal began their aluminum extrusion
operations with approximately twenty employees and one manufacturing line with
the capacity to produce up to 30 million cans annually. Within three years Exal had expanded its operations to three manufacturing lines capable of
producing up to 90 million cans annually. In 1997, the world grew more familiar
with Exal's product offerings when Exal Argentina was founded and
significantly added to the global production capacity. In the Early 2000's the
company acquired manufacturing plants in France,
the Netherlands,
and Switzerland
and created Exal Europe. Domestically, Exal Corporation continued to grow and
annually increased their output of aluminum based goods as well as jobs in Northeast
Ohio.
The rapid
growth of operations in Youngstown led to Exal reaching out to the Summit County Port Authority (SCPA). The SCPA, in
conjunction with the State of Ohio,
issued a total of $8 million in bonds for the 170,000 sq. ft. Manufacturing Facility that
expanded the existing operations. The SCPA issued $3
million in bonds at the attractive interest rate of 5.75% for a 10 year term while the State, through its Enterprise Bond Fund, issued $5 million with an interest rate of
5.40%. By utilizing the State Bond
Fund as well as the SCPA Bond Fund, Exal Corporation was able to secure
approximately $30 million in bank financing for equipment and add the 10th,
11th and 12th manufacturing lines. As of today Exal
Corporation has 13 operating manufacturing lines in the Youngstown,
Ohio plant and annual production capacity of
over 520 million cans while employing over 350 workers.
So next time you are in the grocery store, see how many
products you can find that were packaged in aluminum bottles manufactured right
here in northeast Ohio.
To learn more about Exal Corporation, please visit
www.Exal.com.
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SCPA Board members honored
Virginia R. Robinson
Virginia R. Robinson was honored with an Outstanding Alumni Award from The University of Akron Law Alumni Association on Friday, May 15 during Akron Law's 2009 Annual Awards and Class Reunion Dinner. Virginia is a 1986 graduate of the Akron Law. She is a past president of the Akron Law Alumni Association, the Akron Bar Association and the Akron Symphony Orchestra. She serves on numerous community boards.
Timothy R. Fitzwater
Timothy R. Fitzwater received United Way's Distinguished Service Award at the 2009 Annual Meeting on April 30. Tim served as Chair of the United Way/Red Cross Campaign in Summit County and has continued to stay involved with United Way as a member of the Board of Directors. Tim serves on the Boards of many worthwhile organizations including the Akron Community Foundation, Akron General Health System and the College of Business Administration at the University of Akron.
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Norma Fox Horwitz appointed to U of A Advisory Board
Development Coordinator and FTZ Manager
The Summit County Port Authority Board of Directors and
Staff congratulate Norma Fox Horwitz
on her recent appointment to the University
of Akron Department of Economics
Advisory Board.
While serving on the U of A Economics Advisory Board,
members will advise the Department and College and take part in community
advocacy programs to further the Department and College's goals. The Economics
Department offers two undergraduate programs, Bachelor's of Arts or Bachelor's
of Science in Labor Economics and a joint program combining Political Science,
Philosophy and Economics in addition to its Masters program. Congratulations
Norma!
Norma serves as the Port's liaison for the counties of Medina, Wayne, Ashland, Richland and Cuyahoga. She is a member of the International Economic Development Council (IEDC) and the Network of Commercial Real Estate Women (CREW), Greater Akron. She represents the Summit County Port Authority on several entities,
including the Northeast Ohio Trade & Economic Consortium (NEOTEC)
FTZ and Marketing Committees.
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Client Comments
"We have worked with several public entities in different capacities. I
can tell you that your organization is definitely one that promotes business
and tries to help their clients without burdening them with unnecessary paper
work. I hope we can work together with your team in the future." - Roger Riachi, RFC Contracting (Digestive
Disease Consultants of Medina, Inc Project)
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Council of Development Financing Agencies recognizes SCPA for "Best Practices in Bond Finance"
In February of this
year,
the Council of Development Finance Agencies selected the Summit County
Port
Authority for "Best Practices in Bond Finance". Being recognized for
finding
ways to maximize its bond finance capacity, the CDFA stated, "The
Authority's
online project descriptions webpage features innovative and proactive
financing
transactions categorized by project type and financing structure
representing
some of the very best in Ohio
bond financing." The CDFA is viewed as the "go to" organization for
economic
and community development finance. We are delighted the CDFA has
recognized the
hard work of the SCPA staff, board and our many community partners. To
learn more about the Council of Development Finance Agencies, please click here.
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Summit County Port Authority's Fixed-Rate Bond Fund has a BBB+Rating and is a recognized leader in the use of
economic development financing tools to stimulate economic development
in Northeast Ohio. The Port's history has been one of participation in diverse projects that promote job growth, local investment and redevelopment.
Please feel free to forward this email to a business contact who may be interested in the Summit County Port Authority's services.
Sincerely, Chris Burnham, President Summit County Port Authority
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