Governor Corbett: Two Manufacturers in Northampton and Monroe Counties to Create and Retain 108 Jobs

HARRISBURG, Pa., June 11, 2013 /PRNewswire-USNewswire/ --Governor Tom Corbett today announced that new state investments recently approved by the Pennsylvania Industrial Development Authority will enable Summit Aerospace USA, Inc. in Monroe County and National Magnetics Group, Inc. in Northampton County to expand operations and create and retain more than 100 jobs.

"We have enacted pro-growth policies that are enabling manufacturers like Summit Aerospace USA and National Magnetics Group to grow and create jobs," Corbett said. "As a result, more than 125,000 private sector jobs have been added to Pennsylvania's economy and our labor force has grown to more than 6.5 million since January 2011."

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. 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.

In 2013, PIDA has approved $35.3 million in low-interest loans that have resulted in $60.5 million in private investment and supported 8,822 jobs.

PIDA provides capital for building acquisition, construction 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 the Department of Community and Economic Development and other job creation initiatives in Pennsylvania, visit www.newPA.com, follow us on twitter @newPAnews, or call 1-866-466-3972.

Media contact: Lyndsay Frank, 717-783-1132

SOURCE Pennsylvania Office of the Governor