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.