American Fine Sinter to invest $16 million in Tiffin
Automotive supplier to create 24 new jobs
TIFFIN, OHIO – November 19, 2014 – American Fine Sinter (AFS) announces today that it will be moving forward with a $16 million expansion project at its North American headquarters in Tiffin, Ohio. The project is expected to move forward the first quarter of 2015.
The expansion project involves the construction of 100,000 square feet of new manufacturing space, additional office and storage space, as well as an $8 million investment into new state-of-the-art automation and manufacturing equipment. The company was recently awarded new contracts for both transmission parts for Toyota and shock absorber parts from multiple auto makers, and the need for additional capacity is motivating the project. The company currently employs 140 and will need to add another 24 over the course of the next three years.
In making the announcement, AFS President Masayuki Yamamoto complimented the company’s customers, its employees, and the community: “We have grown by building our business base, nurturing a good corporate culture, and building a company people want to work for. Tiffin has been a great community, and we very much appreciate our associates and the support we receive locally.”
Tiffin Mayor Aaron Montz was thrilled by the news: “Tiffin is in the midst of a tremendous resurgence. To have American Fine Sinter make this kind of commitment does nothing but continue the momentum. They are a tremendous corporate citizen.”
Local support for the project is being provided in the form of a Community Reinvestment Area (CRA) tax incentive, which will provide a 100 percent tax exemption on taxes generated by the new construction over the course of fifteen years. The CRA was put in place at Eagle Rock Business Park in 1985 to attract businesses to the park and has been a significant factor in the location and expansion of Toledo Molding & Die, Tiffin Insulators, and American Fine Sinter at the industrial park.
About American Fine Sinter
American Fine Sinter (AFS) was established in 2001 in Tiffin, Ohio and started production in 2003. Today, Fine Sinter Co. a joint venture between Tokyo Sintered Metals (TSM) and Japan Powder Metallurgy (JPM), the parent company of AFS, is a $350 million company with more than 1,000 employees worldwide. The company manufactures parts for the automotive, railroad, industrial machinery, and hydraulics industries, and American Fine Sinter most recently has focused on valve seats and variable cam units for the automotive industry.
Started in 1983, the Seneca Industrial and Economic Development Corp. (SIEDC) is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio. In 2012, the community was ranked in the top 5 percent nationally for economic development, and last year, it was recognized as one of the top ten communities out of 600 micropolitans in the US. Learn more about the great things going on at the company’s blog at www.senecasuccess.com.