Regional Efforts Attract 12 New Companies to Northeast Ohio
1/24/2011
For additional information, contact:
Nina Holliday
216.363.5428
nholliday@teamneo.org
Regional Efforts Attract 12 New Companies to Northeast Ohio
Team NEO Announces 2010 Results
CLEVELAND, Ohio, January 24, 2011 — Team Northeast Ohio (Team NEO) today released its 2010 results. The non-profit regional business attraction agent, in partnership with the State of Ohio and local economic development partners, recruited 12 new companies to the 16 counties of Northeast Ohio in 2010. The 12 companies are an all-time high for new companies coming to the region in a single year, as a result of this collaborative effort. The new companies represent 672 new jobs and nearly $40 million in new direct annual payroll.
“These wins show that we are working together as a region. It also shows that Northeast Ohio is, in fact, an attractive region for new business investment,” said Tom Waltermire, Team NEO CEO. “The companies are representative of Northeast Ohio’s continuous industry diversification. In 2010 we increased our effort in key markets, specifically medical devices, advanced energy, minority-owned businesses and international companies. Six of the new companies are international, two are minority-owned, and five are bio-medical/healthcare related, in line with our areas of focus.”
The new companies who have chosen Northeast Ohio for investment include:
Company Primary Business
A Much Better Way Receivables Management
Accord Pharmaceutical Research
Ambaflex Food Processing Material Handling
Ardent Electronics Assembly
Boneng Gearbox Manufacturer
explorys Health Care IT
Genae Health Care Contract Research
Green Processing Inc. Industrial Recycling
Medline Health Care Distribution
Ni Medical Medical Device Manufacturer
Rosetta Information Technology
Sabin Robbins Paper Mfg.
“While the amount of additional payroll added by new companies coming to Northeast Ohio advances the region’s economy, the multiplier effect is even more impressive,” said Jim Robey, Ph.D., Vice President of Research for Team NEO. “This means that beyond the direct new hires in the Cleveland Plus region, the new companies also buy goods and services within the region and the new employees spend locally as well. All of this additional activity adds to employment in the region.” Taking into account the multiplier effect, Team NEO estimates that the total regional employment benefit of the 12 new companies will be almost 1,400 new jobs.
From 2007 to 2010, Team NEO and partners have brought 41 new firms to Northeast Ohio, accounting for 3,500 direct new jobs and $135 million in annual payroll. The total regional benefit, including multiplier effects, is estimated to be 7,300 jobs and regional annual payroll of more than $255 million.
Team NEO receives funding from business and foundation sources. For each dollar invested in Team NEO operations, the total regional payroll benefit since inception represents a 20 to 1 annual return on investment. Team NEO’s major chamber of commerce investors include the Greater Cleveland Partnership, Greater Akron Chamber, Stark Development Board, Team Lorain County, Growth Partnership for Ashtabula County, Youngstown-Warren Regional Chamber and the Medina County Economic Development Corporation. Generous support is also received from the Fund for Our Economic Future, the Cleveland Foundation, the Cleveland Plus Marketing Alliance, The Timken Foundation, First Energy and the Charter One Foundation.
About Team NEO:
Team NEO advances Northeast Ohio’s economy by attracting businesses worldwide to the 16-county Cleveland Plus region. The organization is a joint venture of the region's largest metro chambers of commerce. Since 2007, the organization has attracted 41 new company expansions or relocations, 3,500 new jobs and more than $135M in annual payroll to Northeast Ohio, leading to a total annual regional payroll benefit of $255M.
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