Alltech Medical Systems to Add 72 New Jobs in Solon

, a maker of MRI systems, is expanding its presence in Solon by creating 72 new jobs during the next five years.

The company is leasing a 50,000 square-foot building on Fountain Parkway, will be eligible for job creation grants worth up to $36,924 for seven years if it meets job creation and payroll benchmarks. The company can receive an eighth year if it renews its building lease or relocates within Solon.

The company already has 38 jobs in Solon and the company is required to retain those jobs to be eligible for grants.

Thew company is expected to create 12 new jobs this year and 25 each in 2013 and 2014. The company is then expected to create 5 new jobs each in 2015 and 2016.

The total payroll for the new jobs is expected to be about $4.9 million.

Alltech is investing $2.14 million in its new building. The company is expected to occupy the facility beginning in December. Installation of its equipment is expected by the end of 2013.