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Norwood Tool Co., of Dayton, has been awarded a $1.5 million "research and development investment loan" at an interest rate of 2 percent for a seven-year term, the Ohio Department of Development said Monday, Aug. 25.

Also Monday, the state said Norwood has been awarded a 40-percent tax credit for a six-year term. The value of the credit is estimated to be $97,168 over the term, and Norwood would be expected to maintain operations at the project site for 12 years, the state said.

Norwood Tool proposes to buy machinery and equipment for the expansion of research and development capabilities to make "new varieties of implants and instruments used for shoulder, knee, and hip replacement procedures," the state said in an announcement.

Norwood Tool began business in 1925 and focuses on developing medical devices, the state said.

The $3 million project is expected to create 50 new jobs and retain 524 jobs within the first three years of the project's initial operation, according to the state development department.

According to Norwood's application for a Montgomery County ED/GE (Economic Development/Government Equity) grant earlier this year, Norwood had planned a new 53,000-square-foot facility on Winners Circle.

The company has been owned by the Hemmelgarn family since 1980.