Geo-Tech Polymers (Geo-Tech) has announced the company will receive a $50,000 grant from the Opportunity Fund, an economic development initiative of Fluor-B&W Portsmouth's Community Commitment Plan. Geo-Tech is expanding to Waverly, creating 50 full-time jobs. The grant will be used to help off-set the costs associated with purchasing and installing equipment.
Geo-Tech is an environmentally friendly company specializing in recycling coated plastics used in consumer and automotive applications. Wastren Advantage, Inc. (WAI), an environmental technology company headquartered in Piketon, Ohio, recently acquired Geo-Tech and is leading the expansion project.
Doug Collins, president of Geo Tech, said "The WAI leadership is committed to making investments and creating jobs in southern Ohio, and the Geo-Tech project is one example of our commitment. We are looking forward to providing additional opportunities for our community and working with solid partners like Fluor-B&W. We certainly appreciate their investment in expanding Geo-Tech to Waverly."
Fluor-B&W is the decontamination and decommissioning contractor for the U.S. Department of Energy (DOE) at the Portsmouth Gaseous Diffusion Plant. Fluor-B&W is implementing the Community Commitment Plan to strengthen and support the four-county region (Pike, Scioto, Ross and Jackson counties) surrounding the DOE Portsmouth Site in Piketon in the areas of economic development, regional purchasing, educational outreach and charitable giving. The Opportunity Fund was created to assist projects that lead to jobs in the four-county region. Pike County Economic Development Director Chris Ervin, who participates in regular meetings with Fluor-B&W officials to ensure that the Community Commitment Plan meets its objectives, was instrumental in securing the grant for the project.
"I am excited about Geo-Tech's vision and their passion for creating jobs in Southern Ohio. The expansion is a perfect fit with the community's goals and objectives to diversify the regional economy," Mr. Ervin said. "This is a great opportunity for southern Ohio to position itself as a leader in the environmental technology and recycling industry sectors. I am pleased Fluor-B&W elected to help fund this project."
In addition to receiving a $50,000 grant from the Fluor-B&W Opportunity Fund, Geo-Tech Polymers was awarded a $1.2 million loan through the Jobs Ohio program, as well as a $50,902 Job Creation Tax Credit. Geo-Tech expects to begin advertising for positions before the end of the year on the Ohio Means Jobs website, www.ohiomeansjobs.com . The expansion will be complete by the end of March 2013.