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Aerospace Companies, Summit And National Magnetics, Invest $3.5 Million To Expand Operations In Pennsylvania

06/12/2013
Summit Aerospace USA, Inc. in Monroe County and National Magnetics Group, Inc. in Northampton County, plan will invest a total of more than $3.5 million to expand their operations and create and retain more than 100 jobs in Pennsylvania.

“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.

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