PA DCED: New State Investments Will Help 3 Pennsylvania-Based Manufacturers Expand, Create Jobs in Bucks County

News provided by

Pennsylvania Department of Community & Economic Development

Aug 04, 2010, 12:41 ET

Low-Interest Loans Attracting $7.2 Million in Private Investments

HARRISBURG, Pa., Aug. 4 /PRNewswire-USNewswire/ -- New state investments will help an international seed and garden company grow in Warminster, and help companies in Bensalem and Hilltown expand and create new jobs, the Department of Community and Economic Development announced today.

"Providing investment capital to help businesses create and retain jobs is a sound strategy for the commonwealth," DCED Secretary Austin Burke said. "The low-interest loans the state has approved through the Pennsylvania Industrial Development Authority provide critical capital that companies need to grow, expand and create new jobs."

The Pennsylvania Industrial Development Authority today approved $2.9 million for three projects that will leverage more than $7.2 million in private investments.

One of the approvals was a $525,000, 15-year loan at 3 percent interest to Pendant Systems Manufacturing Company, a manufacturer of lighting suspension systems.

The $1.3 million project, sponsored by the Bucks County Economic Development Corporation, will allow the company to acquire and renovate an existing building in Bensalem and transfer its employees there. Pendant is to retain its 10 existing employees and create 5 new jobs within the next three years.

The PIDA board also approved:

A $2 million, 15-year loan at 3 percent to the W. Atlee Burpee Company, a seed and garden products distribution company, to acquire and renovate an existing building in Warminster. The $8 million project will allow the company, which was founded in Philadelphia in 1876, to retain its 400 full-time, seasonal and temporary employees. The Bucks County Economic Development Corporation is the sponsoring agency.
A $420,000, 15-year loan at 3 percent to Bucks County Economic Development Corporation on behalf of VMD Machine Co. Inc. to acquire and renovate an existing building. VMD Machine Co. Inc., which manufactures industrial fittings and plumbing fixtures, will relocate its operations to the new Hilltown facility. The $824,450 project will retain 10 existing employees and create 2 new jobs within the next three years.

PIDA provides capital for infrastructure acquisition, creation and renovation, 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 economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit www.newpa.com.

Media contact: Theresa Elliott, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development