Treves to Bring 91 Jobs to Fostoria
By Lou Wilin.
The Review Times.
Treves, a maker of noise-reducing parts for cars, won a state tax credit to create 91 jobs in Fostoria, paying an average of $37,362 per year. The company based in Paris, France will move into a 40,000-square-foot spec building constructed last summer at Fostoria Industrial Park.
Treves is tentatively planning to start operations in April at the 615 S. Corporate Drive site, said Renee Smith, president of Fostoria Economic Development Corp. It will start with fewer than 91 employees, Smith said. To get the full payroll tax credit, worth up to $3.4 million over seven years, Treves must create 91 jobs by year-end 2020. The tax credit was approved Monday by the Ohio Tax Credit Authority.
In luring Treves, Fostoria beat competition from Alabama, Michigan and Mexico, the state Development Services Agency reported.
“Obviously we are very excited about this. This was our goal when we constructed the spec building,” Smith said.
Smith and other Fostoria economic development officials did not know who the building user would be when they secured a $1.2 million loan in 2016 from the city’s Revolving Loan Fund to finance the building. But over the past eight months it became increasingly clear that Treves was a fit.
“They were obviously looking for an existing building. They wanted a Midwest presence,” Smith said. “Workforce is always a concern. We have had multiple conversations with the company about that. They had several community visits. We met with them several times. They seemed to really like the community and the building.”
The building was constructed as a shell so any company moving in could customize the facility to fit its needs. In addition to the 40,000 square-foot building, the site is also expandable by another 60,000 square feet. On Nov. 22 FEDC finalized the sale of the building to FleetOhio, LLC. who will own the building and will be finishing the building construction over the next few months. They have a signed long-term lease agreement with the Treves.
Treves’ customers include General Motors, Ford, Fiat Chrysler Automobiles and BMW. Treves specializes in noise-reducing barriers and carpeting for vehicles.
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The Ohio Economic Development Association’s annual Excellence Awards program recognizes the achievements of individuals and organizations in Ohio in the areas of economic and workforce development. Submit your nominations today and have excellence in your community recognized statewide!
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