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$12 million in Federal, Ohio New Markets Tax Credits provide crucial financing
EUCLID – Financing for The Lincoln Electric Company’s (a subsidiary of Lincoln Electric Holdings, Inc.) new Welding Technology Center closed last week.
The project received an $11 million Federal New Markets Tax Credit (NMTC) allocation as well as $1 million in Ohio New Markets Tax Credits, the final piece of the incentive package needed to proceed with this state-of-the-art facility. The facility will be built at the company’s headquarters campus in Euclid, Ohio.
The 130,000 square foot center will focus on the training of welding educators and industry leaders to address the rising demand for welding education and careers in welding and advanced manufacturing. The center will have an immediate and significant impact including providing skilled workforce development opportunities for people with low incomes and residents of low income communities. Read more.