Ventura Firm Issued $3.5 Million Industrial Development Bond; Gaiser Tool Company moves forward on major expansion in Ventura.SACRAMENTO, Calif.--(BUSINESS WIRE)--March 11, 1997--Gaiser Tool Company of Ventura -- a leading manufacturer of wire bonding Wire bonding is a method of making interconnections between a microchip and other electronics as part of semiconductor device fabrication. The wire is generally made up of one of the following:
Funds will be used to complete the company's 44,478-square-foot expansion of manufacturing and office operations now taking place at its Ventura facility. At total buildout in May, the additional operations will create 62 new jobs. "The bond financing was critical to Gaiser's decision to locate this expansion in California," said CEDFA Director Glenn Stober. "Increased sales and market share overseas have demanded larger company manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. ." Stober noted that sales to the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. account for 75 percent of Gaiser's annual revenues, symbolic of California's strong export growth to Asia. Through the third quarter of 1996, State of California exports totaled $77.5 billion, of which 70 percent is comprised of electronics, electrical equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
A locally led Red Team has worked with Gaiser Tool since August 1995 to ensure the expansion occured in California. The Trade and Commerce Agency's Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Regional Office assisted CEDFA to provide the bond financing; The Gas Company and Southern California Edison Southern California Edison (or SCE Corp), the largest subsidiary of Edison International (NYSE: EIX), is the primary electricity supply company for much of Southern California. It provides 11 million people with electricity. crafted a competitive utility rate package; and the city of Ventura agreed to cover traffic mitigation and associated fees. The company previously considered Spokane, Wash., for its latest expansion. Today's announcement brings to $107 million in total bond financing issued to companies since the inception of the CEDFA program in 1995. CEDFA issues IDBs to support future job-creating projects in California and operates within the California Trade and Commerce Agency. Interested companies can contact Glenn Stober (916/322-1499) for further information. The Trade and Commerce Agency is the state's lead agency for economic development, job creation and business retention in California. In fulfilling its mission to improve California's economic climate, the Agency works closely with domestic and international businesses, economic development corporations, chambers of commerce, regional visitor and convention bureaus, and the various permit-issuing state and municipal government agencies. Gaiser Tool Corp. -- At a Glance President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. : Dennis Gaiser Headquarters: Ventura Annual sales: $16 million Annual payroll: $7.2 million California employees: 265 CONTACT: California Trade and Commerce Agency Mike Marando, 916/323-9880 |
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