New Castle News

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August 28, 2013

Magnet manufacturer attracted to county

NEW CASTLE — A Struthers, Ohio, company is relocating to Lawrence County.

Magnetic Lifting Technologies will be moving to the 84-acre Regional Industrial Development Corp. industrial park. Known as Neshannock Industrial Park, it is off Route 18 and Glen Road in Neshannock Township.

Linda Nitch, executive director of the Lawrence County Industrial Development Corp., said the business will close this week on land in the park it purchased.

The business makes large electromagnetic equipment used in the steel and scrap metal industries, she said. It will be moving 15 jobs from its Ohio site. Three to five new jobs are expected to be created following the move, she added.

Nitch has been in contact with business owners George and Patrick Koch for about a year, she said.

The business is a subsidiary of HK Holding Equipment of Coraopolis, according to Nitch.

“They wanted to locate all of their operations in Pennsylvania,” she said. “They looked around and decided Lawrence County was a good fit.”

Earlier this month, the company received a $700,000 low-interest loan through the Pennsylvania Industrial Development Authority. The loan is to be repaid at 2.25 percent over a 15-year period.

The company plans to construct a 34,000-square-foot facility in the park, breaking ground in the fall and being completely moved in by spring.

“This will be a $2 million construction project,” Nitch said, noting it will be a larger facility than the company currently occupies.

She noted the facility is renting space in a multi-tenant building in Struthers.

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