Putnam business planning expansion
CHARLESTON, W.Va. -- While a business that Putnam County commissioners offered a tax break hasn't said whether or not it will open in the Putnam Business Park, another company in the park will announce an expansion next week, according to the director of the county development authority.
Gary Walton said he couldn't reveal the name of the company or any details about its expansion until a formal announcement is made next week.
"I've known about it since March, but I don't want to take the glory away from their announcement," Walton said.
Last month, Putnam commissioners offered an unnamed business interested in a spot in the Fraziers Bottom park a payment-in-lieu-of-taxes deal, which would grant the company a 20 percent tax deduction on real property for 20 years.
The county owns the land and justified the tax break saying the company would bring in at least 70 jobs. Walton said a decision from the company could be announced by the end of the month.
The Putnam Business Park, located along U.S. 35 in Fraziers Bottom, currently houses five businesses: Tasty Blend Foods, Nippon Thermostat, The Schwan Food Company, Bayliss & Ramey Inc., and Multi-Coat, which purchased the land in 2007, but still hasn't developed it.
Tasty Blend is not expanding, Walton said.
A woman who answered the phone at Bayliss & Ramey, an electrical contracting company, said, "it's definitely not us."
"We've actually downsized a little bit," she said.
A spokesman in the sales department at Schwan said their Fraziers Bottom location didn't have expansion plans.
A spokeswoman from Nippon Thermostat wouldn't say whether or not the company plans to expand.
"We haven't decided anything yet," she said.
Nippon Thermostat bought land in Fraziers Bottom, its first manufacturing site in the United States, in 2003. It has a 26,000 square foot manufacturing facility and a 5,000 square foot office management facility, according to the company's website.
"[Nippon Thermostat] also owns additional land around the plant for future expansion," the company's website states.
Based in Tokyo, the company, manufactures parts for Toyota, Honda, Nissan, Mazda, Suzuki, General Motors, and Mitsubishi, among others.
In March, when Toyota announced its most recent expansion, Walton told the Gazette other companies in the county would benefit.
He said at the time that while Diamond Electric and Nippon Thermostat, both Japanese owned companies in Putnam, might not directly benefit in an increase in transmission production at Toyota, because they create other parts for cars, "it means there are more automobiles being produced and that does in fact create a trickle down effect resulting in additional business, hopefully, for those other companies as well."