As Northeast Ohio works to compete on the international stage,
foreign direct investment (FDI) represents an important piece of
our regional economy. More and more, foreign-owned companies are
looking to Ohio as they seek to expand their operations abroad,
which is benefiting the state as a whole and our region in
particular. To that end, companies like AkzoNobel, Nestlé and
Bridgestone are just a few examples of foreign-owned companies with
significant operations in Northeast Ohio, with new establishments
setting up shop every year.
With more than 3,400 international establishments in Ohio,
hailing from more than 40 countries, foreign-owned companies are
major economic drivers. In fact, foreign-owned companies employ
more than 200,000 workers throughout the state, showing just how
important FDI is to Ohio’s economy. While dozens of countries
have operations in Ohio, six countries (Japan, the United Kingdom,
Germany, Canada, France and Switzerland) make up 75 percent the
state’s total international employment. The motor vehicle
industry comprises the largest employment segment
overall.
As foreign-owned companies look to expand their operations
across the globe, Northeast Ohio has become a target destination
for many. The region is home to more than 600 foreign-owned companies, with significant
investments coming from countries such as Germany, Canada, Japan,
the United Kingdom and France. As international companies continue
to make investments in our region, we are reaping the economic
benefits.
International Businesses Making Investments in Northeast
Ohio
For example, in late 2015 AkzoNobel,
headquartered in the Netherlands, opened a $10 million research
facility in Strongsville, furthering its commitment to Northeast
Ohio. The facility will house more than 120 employees, including 65
highly trained scientists and technicians. The $10 million facility
will support several of the company’s Performance Coatings
businesses, including coil, extrusion and packaging coatings. Aside
from its Strongsville location, AkzoNobel also has Ohio operations
in Columbus, Huron, Springfield and Berea.
Nestlé is another example of a
foreign-owned firm that is growing its Northeast Ohio presence. In
2015, the company launched its $50 million Research and Development
Center at its Solon campus, establishing the facility as a center
of excellence for the global company. A year and a half prior to
the completion of Nestlé’s R&D Center, Nestlé
relocated its $2 billion frozen pizza operation from Chicago to
Solon, making Northeast Ohio an important piece of its global
business. Today, Nestlé employs more than 2,000 workers
throughout the Cleveland area.
As the motor vehicle industry represents one of the largest
investment areas in Ohio by foreign-owned firms, Northeast Ohio has
seen an uptick in this area as well. A recent example is
German-based Borgers opening a facility in
Norwalk, Ohio. The auto parts supplier, which operates in 24
locations across the world, opened its $60 million Norwalk facility
in October 2015. In total, the facility employs more than 80
workers, making it an important win for the Norwalk
community.
As Northeast Ohio competes on a global scale for business, the
influx of foreign direct investment is positively impacting the
region’s economy. Foreign-owned firms are often significant
employers, creating jobs and opportunities for our residents.
As the region works to grow its economy, FDI will continue to
play a crucial role in its success.
Throughout the state and Northeast Ohio, a number of economic
development organizations, including JobsOhio and Team NEO, are
working to ensure that international businesses know about the many
benefits of doing business here. To learn more about how state,
regional and local groups are working to attract FDI to Ohio,
please follow the links below.