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PEDFA FINANCING WILL HELP CREATE 466 JOBS AND PRESERVE 713 JOBS

 PEDFA FINANCING WILL HELP CREATE 466 JOBS AND PRESERVE 713 JOBS
 HARRISBURG, Pa., Dec. 4 /PRNewswire/ -- The Pennsylvania Economic Development Financing Authority (PEDFA) has approved the sale of a record $23.7 million in tax-exempt and taxable bonds to help finance 20 economic development projects, Gov. Robert P. Casey announced today.
 The projects are expected to create 466 jobs and preserve 713 jobs. Loans were approved for 16 businesses in 12 counties.
 "The PEDFA program allows small and medium-sized businesses to acquire the low-interest financing they need to expand and create new jobs," Casey said. "Programs like PEDFA are providing financing to spur economic growth and increase employment opportunities throughout the Commonwealth. We're helping business make an investment in Pennsylvania that is paying off for our working men and women."
 PEDFA provides pooled bond issues for projects that could not obtain low-cost bond financing individually. Companies share the up-front costs and benefit from lower interest rates and longer term loans.
 Companies may use the loans for acquisition of land, buildings, machinery and equipment; renovation and construction of buildings; and refinancing. Applications for PEDFA financing are submitted through local industrial development authorities.
 PEDFA loans were approved for:
 Allegheny County -- $900,000 to Dura-Bond Coating Inc., 3200 Youghiogheny River Road, Liberty Borough, to expand an existing building and purchase equipment. The project's total cost is $1,562,500 and is expected to create five jobs within three years and retain 32. Dura- Bond applies corrosion resistant coatings to steel products.
 -- $550,000 to Petroclean Inc., South Ewing Road, Collier Township, to acquire land and construct a building. The project's total cost is $666,250 and is expected to create 15 jobs within three years and retain 45. Petroclean provides environmental cleanup services and 24-hour emergency spill response.
 Bedford County -- $850,000 to Creative Pultrusions Inc., Pleasantville Industrial Park, West Saint Clair Township and Alum Bank Borough, to expand and renovate an existing building and construct a new building. The project's total cost is $1.7 million and is expected to create 18 jobs within three years and retain 170. Creative Pultrusions manufactures fiberglass reinforced structural shapes.
 Delaware County -- $3.8 million to Esschem Inc., Lower Chichester, to acquire land and equipment and construct a building. The project's total cost is $8 million and is expected to create 10 jobs within three years and retain 66. Esschem, which manufactures specialty polymers, is consolidating two facilities within Delaware County.
 Erie County -- $500,000 to Erie Molded Plastics Inc., 6020 W. Ridge Road, Fairview Township, to expand and renovate an existing building and purchase equipment. The project's total cost is $736,494 and is expected to create 16 jobs within three years and retain 35. Erie Molded Plastics manufactures custom plastic injection molded parts.
 Fayette County -- $3.2 million to Michael Berkowitz Co., Inc., Virginia and Cramer Avenues, South Union Township, to acquire land, acquire and renovate a building and purchase equipment. The project's total cost is $3.2 million and is expected to create 49 jobs within three years and retain 70. Michael Berkowitz Co., manufactures disposable hospital operating room products.
 McKean County -- $600,000 to RAM Forest Products Inc., Route 44, Ceres Road, Ceres Township, to expand an existing building and purchase equipment. The project's total cost is $600,000 and is expected to create 14 jobs within three years and retain 61. RAM is a processor of hardwood lumber.
 Northampton County -- $750,000 to John J. and Louise A. Lack, 49B Lehigh Valley Industrial Park IV, Hanover Township, to acquire land and construct a building for use by J & L Precision Machine Co. Inc. The project's total cost is more than $1.1 million and is expected to create 17 jobs within three years and retain 14. J & L manufactures metal and plastic parts.
 Westmoreland County -- $800,000 to Wood Industries Inc., Westmoreland County Industrial Park III, Penn Township, for leasehold improvements and to purchase equipment. The project's total cost is $804,000 and is expected to create 16 jobs within three years and retain 52. Wood Industries manufactures plastic injection molded parts.
 -- $1.7 million to Alon Processing Inc., Westmoreland Industrial Park II, Allegheny Township, to acquire land, construct a facility and purchase equipment. The project's total cost is more than $3.6 million and is expected to create five jobs within three years and retain 20. Alon coats steel products with a surface alloy resistant to high temperature corrosion.
 -- $975,000 to Accro Tool Enterprises Inc., Westmoreland Business and Research Park, Washington Township, to acquire land, construct a facility and purchase equipment. The project's total cost is more than $1.8 million and is expected to create 33 jobs within three years and retain 71. Accro Tool manufactures precision die sets.
 York County -- $900,000 to Birchwood Properties, York City Industrial Park, 1600 Pennsylvania Ave., York, to acquire land, construct a building and purchase equipment for use by Datum Filing Systems Inc. The project's total cost is more than $1.9 million and is expected to create 50 jobs within three years. Datum, which manufactures office furniture and filing equipment, is relocating its facility from New York.
 The following businesses are each considered as having two projects because they are receiving both tax-exempt and taxable bond financing:
 Crawford County -- $1.25 million to American Industrial Container Corporation, Water Street Extension, West Mead Township, to purchase equipment and finance working capital. The total cost for the two projects is $1.4 million, and they are expected to create 100 jobs within three years. American Industrial manufactures industrial handling containers and automotive shipping racks.
 Lancaster County -- $3.3 million to C & D Charter Power Systems Inc., 82 East Main St., Upper Leacock Township, to purchase new equipment and renovate used equipment. The project's total cost is more than $8 million and is expected to create 20 jobs within three years and retain 62. C & D Charter manufactures industrial batteries and electrical components.
 Mercer County -- $1,225,000 to K & B Investment Co./Pennsak Inc., 534 Vine Ave., Sharon, to acquire land, acquire and renovate a building and purchase equipment. The total cost for the two projects is more than $2 million, and they are expected to create 75 jobs within three years and retain 15 jobs. Pennsak manufactures plastic bags used by the newspaper and food industries.
 Northampton County -- $2.2 million to Instantwhip New York Inc., Lehigh Valley Industrial Park IV, Hanover Township, to acquire land, construct a building, purchase new and used equipment and finance working capital for use by Flavor Right Foods Inc. The total cost for the two projects is more than 2.6 million, and they are expected to create 23 jobs within three years. Flavor Right, which manufactures whipped cream and other food products, is relocating its facility from New York.
 /delval/
 -0- 12/4/91
 /CONTACT: Heidi Irwin of the Department of Commerce, 717-783-1132, or Charles M. Tocci the Commonwealth News Bureau, 717-783-1116/ CO: Department of Commerce ST: Pennsylvania IN: SU:


JS -- PH033 -- 9415 12/04/91 17:43 EST
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