HAMILTON -- Procter & Gamble Co. will invest $50 million in a Hamilton plant that will deploy a new packaging technology that is expected to save the company up to $200 million annually.
P&G's investment in iMFLUX Inc. was disclosed in a report to Hamilton City Council, which is scheduled to consider Wednesday an economic incentive package for P&G. The company is proposing to establish a world headquarters, manufacturing and research facility at 3550 Symmes Road in Hamilton that would employ 230 people by 2017. About 30 would transfer from the existing headquarters of iMFLUX in West Chester.
As WCPO has previously reported , P&G is building its new packaging company on a proprietary new injection molding process that saves time and reduces material costs in the production of plastic bottles. Some expect P&G to use the new technology for its own benefit initially, then offer the technology or iMFLUX's production capabilities to other companies.
The city of Hamilton is offering several incentives to attract P&G's new business unit, including:
- A local Job Creation Tax Credit equal to 60 percent of income taxes paid for new jobs at iMFLUX during its first eight years of operation.
- A 75 percent property tax abatement on the increased value of real estate at iMFLUX for 10 years after the expansion takes place.
- A $100,000 loan that will be forgiven if iMFLUX reaches 200 employees in Hamilton.
- A guarantee that P&G's electric rates will be at least 10 percent lower than Duke Energy's "standard service offer rates" for at least 10 years. Hamilton will also certify that the energy sold to iMFLUX is "100 percent green/renewable energy."
The Hamilton incentives will be in addition to the 60 percent, eight-year Job Creation Tax Credit that the state of Ohio offered to iMFLUX. That credit will offset P&G's commercial activities tax liability in Ohio. P&G told state officials it intended to hire more than 220 people with an average salary of $79,000 at iMFLUX.
Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Procter & Gamble Co.'s fiscal third-quarter net income rose 2 percent, bolstered by some lower expenses and a reduced tax rate.
Procter & Gamble's accidental discovery sparks water purification system that has cleaned seven billion liters of water worldwide…
WCPO asked S&P Capital IQ to help us analyze how much Cincinnati companies pay in taxes. How much did your favorite company pay? The…
Choremonster is launching a new version of its app, which parents can use to give their kids rewards for doing household chores.
Procter & Gamble says it is improving security after a simple entry set off an elaborate, well-orchestrated demonstration on the…
Activists describe what it's like to engage the Ivory Empire in a public relations battle.
Some experts are predicting a breakout year for mergers and acquisitions. Cincinnati-based companies have no intention of missing out.
P&G is increasing the cost on some fancier Tide varieties by as much as 25 percent to compensate for the introduction of a lower-end…
Fourteen months ago, Procter & Gamble promised "disruptive solutions" would emerge from a retooling of its research and…
Did you hear about the Old Spice Super Bowl contest? P&G brand puts a new twist on Super Bowl commercial hype.