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Senator Announces State Loan Granted to Expand Businesses, Create New Jobs

Katie Kuhns, Legislative Aide, Senator Jeffry Armbruster

State Senator Jeffry Armbruster (R – North Ridgeville) announced Monday, July 24, 2006, that the state Controlling Board has issued a $1 million 166 Direct Loan to Highway Composites, LLC, in order to expand two companies’ operations and add 69 new jobs.

Highway Composites is a real-estate holding company that is the borrower of the loan; however, the loan is being supported by the two companies that will have operations at the site, Monroeville Industrial Molding, Inc. (MIM) and Plastics In Plastics Out, Inc (PIPO). Highway Composites will purchase an existing 213,000 square-foot facility in Norwalk, as well as machinery and equipment to produce plastic feedstock and introduce new product lines for each company. Through these expansion efforts, MIM and PIPO will create 69 new jobs and retain 26 existing full-time jobs.

MIM, founded in 2004, produces extruded plastic support components for highway guardrail systems, while PIPO, created in October 2005, provides MIM with consistent, high-quality, low-cost feedstock for their products. Highway Composites owns the real estate holdings for both companies.

“I’m very pleased to see the state helping to provide the capital these companies need to expand their operations and produce new jobs for Huron County residents,” Armbruster said. “Without state assistance, MIM and PIPO would not have been able to purchase the site for their expansion, and these jobs would not have been created.”