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PENNSYLVANIA LOAN ASSISTS PURCHASE OF BERKS COUNTY FIRM

 HARRISBURG, Pa., Jan. 4 /PRNewswire/ -- A $430,000 state loan will help pay for machinery and equipment costs associated with a Berks County business acquisition expected to create 10 new jobs and preserve all 58 existing jobs, state Commerce Secretary Andrew T. Greenberg announced today.
 The loan, provided through the Department of Commerce's Machinery and Equipment Loan Fund, will assist R.T. Acquisition Inc. in purchasing Ripple Twist Mills Inc. in Reading. Ripple Twist Mills is a leading manufacturer of elastic netting used to package meat.
 Last month, the department announced a Pennsylvania Industrial Development Authority (PIDA) loan of $434,216 to help the company buy a 58,000-square-foot building to be used for offices.
 The total project cost -- including property, the building and equipment -- is $5.9 million. R.T. Acquisition Inc. intends to expand its product into the medical industry and to enter new markets in Japan, Europe and South America.
 "Pennsylvania continues to use its diverse economic development grant and loan programs to help our homegrown businesses grow and compete," Greenberg said. "The acquisition and modernization of Ripple Twist Mills will preserve and create jobs for working men and women in Berks County."
 /delval/
 -0- 1/4/94
 /CONTACT: Jon Harwood of the Department of Commerce, 717-783-1132/


CO: Pennsylvania Department of Commerce ST: Pennsylvania IN: SU:

MJ -- PH006 -- 8865 01/04/94 11:29 EST
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Publication:PR Newswire
Date:Jan 4, 1994
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