HARRISBURG, Pa., June 13, 2013 /PRNewswire-USNewswire/ -- Governor Tom Corbett today announced that Newtech Dental Laboratory will move forward with an expansion project that is projected to create 33 jobs and retain 37 positions in Montgomery County.
"We are creating an economic environment in Pennsylvania that encourages businesses and entrepreneurs to invest here, grow here and create jobs here," Corbett said. "Newtech Dental is a testament that we are heading in the right direction. Founded more than 30 years ago, the company is still growing and creating jobs."
Newtech Dental Laboratory, founded in 1979, will purchase 2.38 acres to construct a 10,500-square-foot facility in Upper Gwynedd Township. The dental prosthetic manufacturer will invest more than $2.5 million in the project that is expected to create 33 new jobs and retain 37 existing employees. The Pennsylvania Industrial Development Authority (PIDA) will provide a $1,040,000 15-year, low-interest loan at 1.5 percent to the Montgomery County Industrial Development Corporation on behalf of Newtech Dental Laboratory.
In 2013, PIDA has approved $35.3 million in low-interest loans that have resulted in $60.5 million in private investment and supported 8,822 jobs.
"As a result of honoring my commitment to more jobs and less taxes, the Pennsylvania economy is getting back on the path to prosperity," Corbett said. "More than 125,000 private sector jobs have been created and our labor force has grown by 100,000 to more than 6.5 million."
PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
For more information about the Department of Community and Economic Development and other job creation initiatives in Pennsylvania, visit www.newPA.com, follow us on twitter @newPAnews, or call 1-866-466-3972.
Media contact: Edward Jordan, 717-783-1132
SOURCE Pennsylvania Office of the Governor