Collaboration to redevelop former Cincinnati Gardens site pays off

CINCINNATI, OHIO – DECEMBER 09, 2020 – TEAM, Inc., a global provider of asset performance and optimization solutions, announced plans to invest in the City of Cincinnati by establishing a new aerospace inspection and testing facility. The state-of-the-art facility is expected to create an additional 75 jobs in the Cincinnati region and be home to a total of 150 jobs as the company expands its service offerings in the aerospace industry.

“TEAM is a proud member of the Cincinnati, Ohio community and we are excited to contribute to the community during this time of growth and expansion for TEAM,” said Joseph Bowers, Executive Vice President of TEAM, Inc. “Cincinnati has a business-friendly environment with a deep technical talent pool which will help us become an industry leader in inspection and testing of the aerospace industry.”

Once TEAM, Inc. identified the need for a new facility, it began evaluating location options within and outside the Cincinnati region and ultimately decided on the chosen site due to its proximity to current customers and access to the rich aerospace talent already in the region. Most of the jobs created will consist of technicians and assistant technicians, with a few administrative positions to support overall growth. TEAM, Inc.’s investment in Cincinnati is fueled by a larger push from the company to increase its presence in the aerospace inspection industry.

The company’s investment is notable in part because of the chosen site. TEAM, Inc.’s operation will be located in a new building developed through a partnership between The Port of Greater Cincinnati Development Authority (The Port), REDI Cincinnati, JobsOhio, the City of Cincinnati, Messer Construction, and Terrex Development & Construction LLC at the former Cincinnati Gardens arena site.

“The addition of 150 high-paying jobs in Cincinnati is exactly the type of job creation we envisioned when we began preparing this industrial site for new investment,” said Laura N. Brunner, President and CEO of The Port. “We appreciate the commitment and patience of Messer and Terrex in taking this project to completion. This also underscores that our partnership with the City of Cincinnati, our industrial private investors, REDI and JobsOhio is delivering on its promise – to serve as catalysts to drive economic growth in our area.”

As part of its industrial development strategy, The Port’s involvement began when it acquired the former Cincinnati Gardens site with its innovative Patient Capital Fund and partnered with JobsOhio to prepare it for future use by an advanced manufacturing company. After securing the site, REDI Cincinnati and JobsOhio secured funding from the JobsOhio Site Redevelopment program to assist with abatement and remediation efforts, which the City of Cincinnati matched. The Port consulted with REDI Cincinnati to identify the building needs of advanced manufacturing companies looking for new space, which informed the building’s design. The Port then partnered with Messer and Terrex for construction of the building. TEAM, Inc. expects to invest $11.6 million at the site, which will go toward outfitting the building for the company’s specific needs.

"We're very pleased to bring a new aerospace facility into Bond Hill,” said City of Cincinnati Mayor John Cranley. “I would like to thank TEAM, Inc. for making this large investment that breathes new life into the iconic Cincinnati Gardens site."

TEAM, Inc.’s expansion into Cincinnati’s Bond Hill neighborhood is supported by a Job Creation Tax Credit from both the State of Ohio and the City of Cincinnati, as well as a JobsOhio Economic Development Grant.

“Site readiness is regularly cited as one of the most important factors for decision makers considering new investment opportunities, especially for advanced manufacturing companies,” said Kimm Lauterbach, REDI Cincinnati president and CEO. “The partnership between JobsOhio, REDI Cincinnati, The Port, and the City of Cincinnati was instrumental in transforming this unutilized property into a market ready site. That work has paid off with this decision by TEAM, Inc., a global leader that will support the Cincinnati region’s $6.1 billion aerospace industry.”

About TEAM, Inc.

Headquartered in Sugar Land, Texas, TEAM, Inc. (NYSE: TISI) is a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions. We deploy conventional to highly specialized inspection, condition assessment, maintenance and repair services that result in greater safety, reliability and operational efficiency for our client's most critical assets. Through locations in more than 20 countries, we unite the delivery of technological innovation with over a century of progressive, yet proven integrity and reliability management expertise to fuel a better tomorrow. For more information, please visit www.teaminc.com.

About The Port

The Port was formed in 2000 to stimulate growth of the regional economy. Partnering with the City of Cincinnati and Hamilton County, the Port works to redevelop manufacturing and residential communities to build the foundation of job creation and livable, viable communities where residents can experience economic prosperity. For additional information, please visit http://www.cincinnatiport.org.

About REDI Cincinnati

The Regional Economic Development Initiative (REDI) Cincinnati is the first point-of-contact for companies locating or growing in the 16-county region at the heart of southwest Ohio, northern Kentucky, and southeast Indiana. REDI Cincinnati is supported by top business leaders and community partners and staffed by a team of economic development experts who are uniting the Cincinnati region to compete globally.

The future is bright, and we’re building it, right now. Join us at REDICincinnati.com.

About JobsOhio

JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio though Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.

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Contacts:

REDI Cincinnati

Jake Hesseling, JHesseling@REDICincinnati.com

(513) 579-3162

The Port

Tom Millikin, TMillikin@cincinnatiport.org

(513) 632-3835

JobsOhio

Matt Englehart, englehart@jobsohio.com

(614) 300-1152