Venture Plastics Receives Abatement for $3 Million Expansion

Nov 13, 2017 | News, Newsletter

Kim Calvert.
Youngstown/Warren Regional Chamber.

Both Trumbull County Commissioners and Braceville Township Trustees approved at their respective meetings this morning and Tuesday evening a 10-year, 60 percent enterprise zone abatement of real estate taxes—as presented by the Trumbull County Planning Commission—for a nearly $3 million expansion project at Venture Plastics, located at 4000 Warren-Ravenna Road.

The custom injection molding services company—in business since 1969—is growing to accommodate customer demand. The project will result in eight new jobs, 110 retained jobs and 17,000 square feet of additional space.

Chamber staff helped to coordinate discussions with local and state partners to determine the appropriate level of assistance to support Venture Plastics’ expansion.

Sarah Boyarko, the Chamber’s senior vice president of Economic Development, said, “Venture Plastics is a valued company in Trumbull County and significant employer. We’ve had opportunities to work with Venture on several occasions over the years, and we are certainly pleased that the county commissioners and township trustees have approved the property tax abatement in support of its continued growth.”

Venture Plastics, a “Best in Class” supplier, has two modern facilities located in Braceville and El Paso, Texas. The company’s well-diversified customer base includes the major markets of industrial/consumer, major appliance, truck/agriculture, automotive, fuel delivery and communications.

The company’s engineering staff can assist in efficient part design and consolidation for cost reduction, while its program management skills provide quick turnaround from concept to production. Venture Plastics’ process and quality control systems provide a consistent flow of good parts, eliminating the cost of scrap and rework. Value-added processes, such as finishing and assembly, provide an efficient single-source supplier.

Capitalizing on rural corporate site location opportunities

Rural communities are prime targets for companies considering a corporate site location project. Rural areas in the U.S. cover 97 % of the nation’s land area but contain 19.3 % of the population who are more likely to own a single family home, are older and less likely to hold a bachelor’s degree or be in poverty than their urban counters.

read more

AEP Names Wells Vice President, Sales, Economic and Business Development

American Electric Power (Nasdaq: AEP) has promoted Timothy J. Wells to vice president, Sales, Economic and Business Development, effective Nov. 2, 2020. Wells replaces Mark James who retired last month.

Wells, 55, will lead AEP’s efforts to attract new commercial and industrial customers to its service territory and help existing customers take advantage of AEP’s growing menu of business consultation services. AEP has unique expertise in the energy field and has become a trusted energy advisor to many of its larger customers. Wells will be responsible for leading growth in services that fall outside of the distribution and transmission of electricity, in addition to helping communities bring new jobs to their local economies.

read more