COLUMBUS — State Sen. Jimmy Stewart (R-Albany) announced Tuesday that the state Controlling Board approved the release of an additional $1 million in state loan assistance to support the expansion of Miba Bearings in McConnelsville.

Last August, the Controlling Board approved a $3.5 million 166 Direct Loan to the Morgan County Improvement Corporation (CIC) for the construction of a new 35,000 square-foot manufacturing facility adjacent to the current Miba Bearings complex. The Morgan CIC plans to lease the building to Miba once construction is complete.

A Rapid Outreach Grant of $120,000 was also approved at that time, to help Miba with the purchase of new equipment and machinery.

The additional loan will allow Miba to expand the new facility to 62,500-square-feet and bring an additional 25 full-time jobs to Morgan County on top of the 60 new jobs expected under the original project plan.

Founded in 1927, Miba is a leading global manufacturer of engine and automotive parts. The company’s product portfolio includes sintered components for car engines, transmissions, steering systems, and shock absorbers; friction materials, including clutches and brakes; and engine bearings.

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