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Case Studies
National Bronze & Metals (Ohio), Inc.
In 1997 an 80,000-square-foot manufacturing facility in Sheffield Township, which had previously been used as a copper and bronze foundry, was available for lease. At that same time, National Bronze and Metals, Inc., in Houston was looking to establish a manufacturing plant in Northeast Ohio. Contact was made with the Lorain County Chamber of Commerce to coordinate a location and financing. The chamber contacted Growth Capital Corp. and the Lorain County Commissioners Economic Development Department to assist.
The result was that National Bronze & Metals (Ohio), Inc. was established in September 1997 by Metchem Anstalt of Liechtenstein, Germany, which is owned by the Lazarus Family of South Africa; Hosanna International Company, Ltd, represented by Lorain County resident, Tom Nielsen and by Mr. Michael Greathead, President of National Bronze & Metals, Inc., of Houston. The majority company owner is Metchem Anstalt.
The $1.45 million financing was needed for building improvements and the equipment for the development of a bronze and copper foundry. Financing was provided by Growth Capital Corp., using a State of Ohio Regional 166 Loan for equipment, and from Lorain County Revolving Loan funds.
“There is no doubt that the guidance and assistance provided by Growth Capital Corp. played a major role in enabling the shareholders to move forward with the venture,” says Mike Greathead.
National Bronze & Metals (Ohio) was renovated and reopened in 1998, where 32 new jobs were created. The Lorain County plant has struggled to establish a solid market base and financial history, but during the past fiscal year, the company turned a profit for the first time and is making significant progress as a specialty alloy producer. “Growth Capital Corp. has been supportive throughout the startup phase in helping create a buoyant, and in the long term, financially successful business,” says Greathead. Northeast Ohio now has a new manufacturing company with export potential. It looks like a win-win situation for everyone involved.
For more information on the services of Growth Capital Corp., contact (216) 592-2233.
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