Governor Rendell: New State Investments Help 3 Pennsylvania-Based Manufacturers Expand Operations, Create Jobs

HARRISBURG, Pa., Jan. 6 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell today said new state investments will help an Erie rope and netting manufacturer, a Northampton lubricant manufacturer and a Bristol medical supply company consolidate their operations and create at least 45 new jobs.

The Pennsylvania Industrial Development Authority approved more than $2.7 million today for the three projects. The low-interest loans will leverage more than $2 million in private investments and advance projects in Bucks, Erie and Northampton counties.

"Strategic investments that help businesses grow and expand are a win-win for the commonwealth," said Governor Rendell. "This kind of assistance not only gives these companies resources they need to grow, but it also benefits communities by revitalizing vacant properties and encouraging additional economic growth."

One of the projects approved today was a $1.5 million, 15-year, 3.25-percent loan to Northampton County New Jobs Corporation, on behalf of Scot Lubricants of Pennsylvania Inc., to acquire and renovate the former Ponderosa Fibres facility. The renovated $2.6 million, 140,775-square-foot facility will help the company relocate 16 existing employees and create 31 new positions within three years. Scot Lubricants manufactures and blends motor and gear oils, automatic transmission fluids, hydraulic fluids and other lubricants.

The PIDA board also approved:

• A $725,000, 15-year, 3.25 percent loan to Bucks County-based Wound Care Concepts Inc. (doing business as Gentell), which develops and manufactures a comprehensive line of advanced wound care dressings and related products. The $1.4 million project will allow the company to relocate its 21 existing employees to the new facility and is expected to create nine new jobs. The Bucks County Economic Development Corporation is the sponsoring agency.
• A $426,000, 15-year, 3.25 percent loan to Erie-based National Tool Grinding Inc., which manufactures netting, rope and fencing products for industrial, commercial and government use. National Tool Grinding will acquire and renovate an existing 21,400-square-foot building. The $710,000 project, sponsored by EIDCO Inc., will relocate the company's 12 employees and create five new jobs within the next three years.

PIDA provides capital for infrastructure acquisition, creation and renovation, 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 economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit www.newpa.com.

Media contacts:

Theresa Elliott, DCED; 717-783-1132

Gary Tuma, Governor's Office; 717-783-1116

SOURCE Pennsylvania Office of the Governor