As published in Toledo Business Journal – January 1, 2018
Smith Drug Co. to invest $51.5M in Carey
Smith Drug Company, a national pharmaceutical and medical supply distributor based in South Carolina, is planning to invest $51.5 million in a new operation in Carey, according to industry sources. The company purchased a 101,000 square foot speculative building in Arrowhead Commerce Park built by Vaughn Industries and is expanding the building by an additional 34,000 square feet for warehousing. In addition to the cost of its new facility and equipment, the company will invest an additional $35 million in inventory at the Carey operation.
The company has committed to creating 50 full time jobs with an average salary of $44,000 per year. According to officials, the company also offers above average benefit programs to employees, and has been recognized for its high ethical standards.
Greg Moon, executive director of the Wyandot County Office of Economic Development, said, “The Village of Carey and Wyandot County will see a significant positive impact from the project. Taking into account this project and the recent project of Hanon Systems USA, Carey is experiencing the creation of almost 200 new jobs in its new Arrowhead Commerce Park. Continental Structural Plastics (CSP), also located in Carey, continues to make significant investments and create new local opportunities. As these local legacy and new industrial operations continue to find what they need in the Village of Carey and Wyandot County to profitably grow, the community will remain a viable option for prospective businesses.”
Tim Vaughn, CEO of Vaughn Industries, added, “The housing industry, food business, school systems, all of it – there’s been a lot of trickle-down effect with people either moving to Carey or coming and going from Carey in regards to these ventures benefiting the area. So you know the local gas stations, food stores, merchants, etc., there’s been a pick-up and it’s still coming.”
According to Moon, outside of the brand new facility that was available, the high respect of place and values displayed by residents as corporate leadership toured the area was one of the major reasons the company chose to locate in the community. These local values fit very well with the company’s own corporate values.
“Also, the ability of Vaughn Industries to expedite the company’s needed building improvements was another reason the company chose to locate in the Village of Carey. Vaughn Industries’ expertise and its management of Arrowhead Commerce Park provide a significant and ongoing advantage for new tenants.”
The Wyandot County Office of Economic Development worked with local leadership to award the company a local property tax exemption as well as with its JobsOhio partners to secure State-level incentives. According to officials, the project was highly competitive with the surrounding states.
When speaking of the benefits of Carey and Arrowhead Commerce Park for businesses, Vaughn said, “We have good utilities, a good way of life, we are located close to the highway, and I think we have a strong workforce in the surrounding area. It’s been very attractive to the manufacturers that are coming to this location. I think that has been great for everyone so far.”
Arrowhead Commerce Park currently has 15 acres of space ready to be developed. According to Vaughn, another building is currently being built by Vaughn Industries. He could not disclose any details of the project.
“For an electrical / mechanical contractor, its been a stretch for us, but one of the things that happened in Carey is that – it happened with the first spec building and it happened with the second one – we couldn’t get people up to the plate to build one, so we took it upon ourselves to build one. We have a great consortium with the State of Ohio, local municipality, and the Wyandot County Economic Development office. Between all of us, it has been a great relationship and a great opportunity to entice and bring people from other states to Carey and northwest Ohio,” Vaughn concluded.
Source: Toledo Business Journal. (2018, January 1). Smith Drug Co. to invest $51.5M in Carey. Retrieved from: http://www.toledobiz.com/Files/major_stories/news01.html