Miba Building Sinter Group Operation in U.S. ( 01 Aug,2008 )

<---****HYPERLINK****--->http://www.hardware-tools-china.com/>Miba Bearings U.S. (a division of Miba AG, Austria) will have a sister

facility built next to its McConnelsville, Ohio heavywall engine bearing plant.
Miba AG is the holding company for a group of original equipment manufacturers which supply the international engine and

vehicle industries. Miba Gleitlager AG began in 1947 and is the large-bearing market leader in Europe, second in the world.

Its Bearing Group has operations in Austria, Germany, Singapore, Japan and the United States, manufacturing high-performance

thinwall and heavywall bearings for diesel and gas engines. For Miba, the Bearing Group accounts for over 32% of corporate-

wide sales.
While McConnelsville is nearly 300,000 square feet, Miba's bearing manufacturing operations occupy a little more than half

the floorspace.
The new facility, Miba Sinter USA, will be a 36,000 square foot plant producing sintered metal parts. It will eventually

employ as many as 100 workers.
ortedly valued at more than USD $22 million, the new powder metal facility will focus on automotive and similar component

markets in North America. The value of the U.S. dollar has made the attraction of building such facilities in the U.S. more

favorable.
Underscoring the internationally competitive marketplace for building such operations, Ohio was in competition with other

potential locations in Michigan, and as far away as Austria and China.
To attract Miba Sinter, Ohio and the Morgan County Improvement Corporation (CIC) assembled a package of incentives. The

Development Financing Advisory Council awarded $3.5 million to the CIC as a 204-month term loan at 0% interest, for 12

months, 1% for 13-72, and 2% thereafter.
As part of that package, CIC will use the funds to build out the 35,000 square foot facility to Miba's specifications, then

least it back to Miba.
Miba Sinter will also receive 50% tax credit for seven years. In order to retain the credit, jobs would have to remain there

for 14 years.
Miba Bearings President, Bernie Anderson, said: "We are really excited about the announcement of this project and
href=http://www.hardware-tools-china.com/>Miba Bearings U.S continued investment in Morgan County. A lot of people have

worked very hard and we appreciate all of the teamwork from the community to make this happen."
Miba Bearings and Miba Sintered, although neighbors, are still separate businesses. Miba Bearings employs over 250 workers in

McConnelsville.
Mike Workman, CIC President, said: "The CIC and our county commissioners are very pleased to be support members of this

wonderful Miba expansion. There will be a minimum of 50 new jobs in this building next year, and we are very grateful to the

management of Miba that they have put their confidence in the people of Morgan County."

Miba Bearings U.S