Brazil-Based Torcomp USA Invests More Than $9 Million To Bring Manufacturing Plant to Franklin County, Pennsylvania
Founded in 1957, Torcomp is a manufacturer of machined parts and small to mid-size mechanical assemblies using advanced CNC machining processes. Torcomp supplies a wide range of companies but it specializes in serving vehicle manufacturers.
As an incentive, the company received a funding proposal from the Pennsylvania Department of Community and Economic Development including a $75,000 Pennsylvania First Program grant.
Under terms of the agreement, Pennsylvania Industrial Development Authority will provide a $640,000, 15-year, low-interest loan at 2.25 percent to Franklin County Area Development Corporation on behalf of Torcomp. The company has also been encouraged to apply for a $3,000,000 low-interest loan from the Machinery and Equipment Loan Fund. The company has accepted the funding proposal, but must still apply for each loan and grant and agree to the terms prior to award receipt.
“This is the first investment of Torcomp outside Brazil. It is a big step for a company like ours and, without the support of the Pennsylvanian Government, FCADC and the local community, it would probably be impossible to implement,” said Fabrizio Giovannini, speaking on behalf of the firm. “We still have a lot of work ahead, but we believe that our Chambersburg plant is an essential part of the future of our business.”
The project was coordinated by the Governor’s Action Team in collaboration with the FCADC. “This is a significant project for Franklin County and we appreciate the support and assistance from the Department of Community & Economic Development,” said L. Michael Ross, President, FCADC.
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