WAPAKONETA — A new recycled paperboard mill and corrugated box manufacturing facility could be on its way to Wapakoneta, thanks to a state tax credit. The project could create 300 full-time jobs, generating $14.3 million a year by 2023.

On Monday, the Ohio Tax Credit Authority approved the credit to Pratt Paper LLC for a new project in Wapakoneta, according to the Ohio Development Services Agency news release.

The Ohio Tax Credit Authority approved a 1.263 percent, eight-year tax credit. The tax credit agreement requires the company to maintain operations at the project location for at least 11 years.

Pratt is America’s fifth-largest corrugated packaging company and the world’s largest, privately-held 100 percent recycled paper and packaging company, according to the company’s website. In Wapakoneta, the company will build a new recycled paperboard mill and a corrugated box manufacturing facility.

The project will have strong wages and a large fixed asset investment in a target industry cluster, according to the news release. State support will help ensure the project moves forward in Ohio.

The company expects to create 300 full-time equivalent employees generating $14,352,000 in new annual payroll by Dec. 31, 2023. It will also claim the tax credit on Ohio employee payroll generated at the Wapakoneta location in excess of its baseline payroll.

Pratt Industries did not return calls seeking comment Monday afternoon.

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By Camri Nelson cnelson@limanews.com

Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews

Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews