HARRISBURG, Pa., Feb. 2, 2011 /PRNewswire-USNewswire/ -- A new state investment will help an Erie-based manufacturer create five jobs, relocate and grow its business, Department of Community and Economic Development acting Secretary C. Alan Walker announced today.
The $233,300 low-interest loan was approved today by the Pennsylvania Industrial Development Authority Board for Erie Technical Systems, Inc. The financing is made possible by the revolving nature of the loan program.
"Manufacturing is still an important part of Pennsylvania's economic climate and it's important that we continue to make sound investments into this industry," Walker said. "The loan approved today will allow this manufacturer to grow its business and adapt to emerging industries in Pennsylvania."
Walker said Erie Technical Systems, a manufacturer of products for the material handling industry, will use the state investment to move from its current facility on 33rd Street, Erie, to a building in Lawrence Park Township, Erie County that is three times larger. The company will create five jobs and leverage $157,000 in private investment. The backing will also allow Erie Technical to grow the valve portion of its business in order to fill the growing demand of natural gas mining companies.
The Pennsylvania Industrial Development Authority provides capital for infrastructure acquisition, creation 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 economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit www.newpa.com.
Media contact: Jamie Yates, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development