Fischer told Fairfield City Council on Monday he predicts future business growth over the next few years, which is the catalyst behind the company planning to double its footprint in Fairfield.
The Fischer Group, founded in 2005 and headquartered in Fairfield since 2007, consists of nine companies along Bohlke Boulevard and helps take a product from "idea to shelf.” It has developed more than 100 products.
"We basically invented the technology that de-risks and brings new products into the market at about a fifth of the time and at a quarter of the cost of what large companies do," Fischer said. "And that really is the base of our expansion. We have a demand for our services that is shooting up, and doubling up for the next three years, we think."
The Fischer Group plans to construct a 30,000-square-foot addition to its existing 52,000-square-foot manufacturing facility. The company also plans to construct a new 20,000-square-foot corporate headquarters next door. Construction on the manufacturing building is expected to wrap up this year, and Fischer anticipates completing the corporate headquarters by mid-2020.
In exchange for expanding the business by 50,000 square feet, the city of Fairfield agreed Monday to provide a seven-year, 65 percent tax abatement on the assessed value of the new buildings. The business will compensate the Fairfield City Schools with $13,000 a year for seven years, and Butler Tech with $230 a year for seven years.
The company has developed more than 100 products since it opened in 2005, according to the company.
Future expansion projects includes a 15,000-square-foot machine line manufacturing building and a 100,000-square-foot manufacturing building, according to The Fischer Group's Ohio CRA Zone program filed with the Ohio Department of Development. These projects should happen in 2021 and 2022, Fischer said.
The total investment — including building, land acquisition and equipment — is expected to be $17.4 million.
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