Aerospace Companies, Summit And National Magnetics, Invest $3.5 Million To Expand Operations In Pennsylvania
06/12/2013
“We have enacted pro-growth policies that are enabling manufacturers like Summit Aerospace USA and National Magnetics Group to grow and create jobs,” Gov. Tom Corbett said. Pennsylvania Industrial Development Authority provided the firms with a total of more than $1.67 million low-interest loans for building acquisition, construction and renovation work.
Summit Aerospace USA, Inc., provider of precision machining of super alloys for jet and helicopter engine components to the aerospace and defense markets, will acquire and renovate an existing 16,200-square-foot facility in Coolbaugh Township Pennsylvania. The company will invest a total of $1.6 million in the project that is projected to create nine new jobs and retain 13 existing employees. PIDA will provide a $720,000, 15-year low-interest loan at 1.5 percent to the Monroe County Industrial Development Authority on behalf of Summit Aerospace USA.
National Magnetics Group, Inc. (NMG), a manufacturer of technical ceramics, will acquire and renovate an existing 28,934-square-foot facility in Bethlehem. The company will invest more than $1.9 million in the project that is projected to create five new jobs and retain 81 existing employees. PIDA will provide a $951,000, 15-year low-interest loan at 1.5 percent to the Northampton County New Jobs Corporation on behalf of National Magnetics Group.
Project Announcements
Republic Airways Holdings Plans Tuskegee, Alabama, Training Operations
04/18/2024
South Africa-Based Radel Plans Winston-Salem, North Carolina, Operations
04/18/2024
Firestone Industrial Products Expands Dyersburg, Tennessee, Operations
04/18/2024
Samsung Electronics Expands Taylor, Texas, Chip-Manufacturing Operations
04/18/2024
OMCO Solar Plans Huntsville, Alabama, Production Operations
04/18/2024
Martco-RoyOMartin Upgrades Allen Parish, Louisiana, Operations
04/18/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024