Miba Bearings Lands Ohio Incentive Package

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May 23,2008

Miba Bearings (USA, the bearings unit of Miba AG, Austria) will receive a $30,000 cash grant from the Ohio State Controlling Board. The grant is part of an incentive package designed to lure Miba's investment in a product line expansion at its McConnelsville, Ohio, bearing plant. Miba will also receive a 50%, 7-year job creation tax credit, and a discounted lease arrangement for the site. The new lease involves not only Miba's existing 130,000 square foot facility, but also an additional 120,000 square feet, all owned by the Morgan Community Improvement Corp. All of the space was once in use by Imperial Clevite / Gould's Clevite bearing operations there in McConnelsville. In turn, Miba has committed to investing at least another $9 million at the McConnelsville site. Approximately 30 new jobs will be created, and help retain approximately 260 workers now there. McConnelsville's heavywall engine bearings are used in applications such as locomotive engines, stationary large compressors, generators and turbines, and off-road earthmoving and mining equipment. With this expansion, Miba will adding production coverage there to include smaller bearings for heavy-duty truck engines. The additional 120,000 square feet, production equipment, and workers are parts of that project. According to Miba, McConnelsville was in competition with a sister facility in Sterling Heights, Michigan, for the expansion, as were sites in Austria and China. Miba Bearings US LLC is headquartered in McConnelsville, the former Federal-Mogul Glacier Clevite Heavywall Bearing Division plant it acquired in 2001.

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