Sweden-Based Toroid Corporation Opens New Manufacturing Division In Salisbury, Maryland
According to the Maryland Department of Commerce, newly formed Toroid Panel & Harness, (Toroid P & H) plans to hire 50 new employees over the next three years in Wicomico County, including some workers who were displaced when the Labinal Power Systems' plant in Salisbury closed last year.
Toroid P & H will invest at least $250,000 in the new site in Salisbury, where Toroid has leased 10,000 square-feet of space with assistance from the Maryland Department of Commerce and Salisbury-Wicomico Economic Development. Founded in Sweden in 1978, Toroid opened a satellite production facility in Salisbury in 1988. The company built a factory in Salisbury in 1994 where it now employs 60 people.
"The expansion was the result of both our strategic plan to diversify our products as well the presence of an experienced and skilled workforce on the Eastern Shore," said Toroid Corp. President Katarina Ennerfelt. "We are very grateful and excited about this opportunity and want to thank both the state of Maryland and Wicomico County for helping us make this possible."
As an incentive to support the expansion, Maryland Department of Commerce approved a $100,000 conditional loan through the Maryland Economic Development Assistance Authority and Fund (MEDAAF). In addition, Wicomico County has provided a separate $100,000 loan through the Salisbury-Wicomico Economic Development Corporation. The company is also eligible for a number of state and local tax credits.
"The launch of Toroid's new panel and harness division on the Eastern Shore is another shining example of Maryland's continuing progress and economic growth," said Governor Larry Hogan. "We commend their decision to expand their manufacturing operations in our state, and to invest in our highly-skilled workforce."
"Toroid has been a great partner for Wicomico County and for Maryland for more than two decades, and we're pleased to support their efforts to strengthen that relationship by assisting with the launch of their new division in Salisbury," said Maryland Commerce Secretary Mike Gill. "Companies like Toroid are essential to the growth of manufacturing in Maryland."
"The principals of Toroid P & H are no strangers to Salisbury, having started several manufacturing businesses here. We thank them for their confidence and participation in growing our city and continuing the ascension of the Salisbury job market," said Salisbury Mayor Jake Day.
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