Beacon Journal staff report
Theken Spine — the Akron maker of products used in spinal surgery — has received a $1.85 million tax break from the state in exchange for maintaining operations in the city for at least 10 years and creating jobs.
The Ohio Tax Credit Authority has awarded Theken Spine a job creation tax credit for a seven-year term. The company’s $2.9 million expansion project is expected to create 199 jobs.
The credit is called a refundable credit — a rebate — against the business corporate franchise or income tax based on state income taxes withheld from new employees.
Theken Spine, with headquarters on Triplett Boulevard, was founded in 1998. The Theken family of companies — including Theken Disc and Therics — was acquired by Integra LifeSciences Holdings Corp., a publicly traded surgical products company based in Plainsboro, N.J., in 2008.