Eurostampa Facility Expands Creating New Jobs
North American HQ Expands to Keep Pace with Current Growth
Cincinnati, OH – Today, City Council voted to approve three ordinances for Eurostampa North America to support job creation and expansion of their Roselawn facility which moved its state-of-the-art North American headquarters to Roselawn in 2011. The project is part of the GO Cincinnati Strategy which identified the Seymour/Reading Road Corridor as one of Cincinnati’s three newest growth areas in 2008.
Council passed three ordinances authorizing a two-year extension to the company’s existing Job Creation Tax Credit (JCTC) agreement, a two-year extension of the existing Community Reinvestment Area (CRA) property tax exemption, and a new twelve-year CRA property tax exemption applying only to the addition to the facility. The existing property tax exemption will only apply to the existing portion of the facility.
With its exponential growth, Eurostampa is outgrowing its current space and will construct an addition to the existing facility at an estimated cost of $4 million. The Project will expand the facility square footage from 73,000 to approximately 125,000, as well as allow the company to create 40 new jobs. The 40 new jobs would increase the Company’s total number of jobs in the City to 149.
“This furthers our commitment to investment and creating jobs that will continue positively impacting Cincinnati neighborhoods,” said City Manager Milton Dohoney. “This deal is directly in line with the GO Cincinnati Strategy which identified this part of Roselawn as a potential hot spot for future growth and expansion.”
The parent company, founded in Italy in 1966, is a family-owned company that prints high-tech, high-quality labels for consumer products, including wine and spirits, chocolates and beverages. In particular, the company specializes in producing labels for food and beverage containers, including many well-known brands sold throughout the world. Eurostampa’s clients include prominent names such as Diageo, Bacardi, Beam Global, Ferrero, Brown Forman, and others. Eurostampa provides excellent service and products to its customers by using state-of-the-art technologies.
In 2010, the Company entered into a ten-year CRA commercial property tax exemption agreement and a ten-year JCTC agreement with the City of Cincinnati related to the new construction of a 73,000 square foot industrial facility at 1440 Seymour Avenue in Roselawn. The incentive package was based upon a commitment to retain 49 jobs and create at least 30 new jobs. The Company has completed the improvements and has exceeded all investment commitments to date.