MAGNET Services to Manufacturers Produce Five-Year Total of Nearly $1 Billion in Economic Impact,

Product Design and Engineering Services are the Most Popular MAGNET Offering; 6,142 Manufacturing Jobs Created or Retained through MAGNET Engagements

CLEVELAND—The Manufacturing Advocacy & Growth Network (MAGNET) today released the audited results of its work over the past five years aimed at strengthening the competitiveness of the manufacturing industry in Ohio. The goal of MAGNET is to help manufacturers in Ohio compete and grow.

The data indicates that the 796 process improvement and product development projects MAGNET has delivered to 398 manufacturers since July 2006 have helped those companies:

• achieve $655 million in increased or retained sales
• attain $83 million in cost savings
• invest $195 million in their operations
• and create or retain 6,142 manufacturing jobs.

The total documented economic impact of $993 million took place between July 2006 and June 2011. The figures were collected and confirmed from MAGNET clients by Turner Marketing, an independent third-party firm used the United States Department of Commerce for data collection.

Read the complete Nov. 22, 2011 press release here.

Download MAGNET's 2005-2010 Economic Impact Summary to see how MAGNET has helped generate nearly $776 million of economic impact for manufacturers in Northern Ohio.

"MAGNET is committed to strengthening the competitiveness of the manufacturing industry in Ohio. There are many wonderful opportunities for growth in this region and MAGNET is positioned to be a vital part of them. We have learned from experience that change is constant. We advise our manufacturers about the importance of diversification. Similarly, we constantly seek resources and innovative programs that benefit small businesses and entrepreneurs, especially those in the motor vehicle and parts industry," Dan Berry, MAGNET President and CEO.

Download MAGNET's 12-page 2005-2010 Economic Impact Summary (PDF, 1.3M).