SelectUSA Investment Summit: Opportunity to Grow International Business

Foreign direct investment (FDI) in Northeast Ohio continues to
grow, with the most recent addition to this growth coming from
Schaeffler, a German-based automotive
manufacturer. They announced a $60 million expansion project at
their Wooster location that will add 250 jobs when complete next
year. As they and other international companies continue to make
investments in our region, we are reaping the economic benefit.

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. In comparison, across the state there are over
3,800 international establishments, owned by more than 1,000
foreign companies from 47 countries in nine key industries.
Combined, international establishments employ 215,560 people in
Ohio and across the country there are 6.1 million U.S. workers
employed by U.S. affiliates of foreign-owned firms.

TeamNEO and JobsOhio are collaborating to bring new FDI to the
region. Together they partner to make connections with business
leaders and site locators and ensure they have all the information
they need about the benefits of doing business in Ohio. Most
recently they participated in the SelectUSA Investment Summit in Washington D.C. The
event was dedicated to promoting FDI in the United States and
brought together companies, economic development organizations and
others working to facilitate investment in the U.S. With more than
2,000 attendees from over 65 nations, connections made at this
event and similar ones have contributed to the increasing number of
FDI investments in Ohio.

Other recent FDI in the region includes investments by AkzoNobel
and Nestlé.

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 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 opened 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.