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PIDA APPROVES $5.5 MILLION IN LOANS TO HELP CREATE 186 JOBS

 HARRISBURG, Pa., Jan. 12 /PRNewswire/ -- Gov. Robert P. Casey today announced the approval of more than $5.5 million in Pennsylvania Industrial Development Authority (PIDA) loans for eight business expansion projects that are expected to create 186 jobs.
 At its monthly meeting, chaired by state Commerce Secretary Andrew T. Greenberg, the board approved loans for two projects each in Lancaster and York counties and loans for individual projects in Allegheny, Cumberland, Elk and Montgomery counties.
 "This month's PIDA loan approvals will leverage nearly $16 million in total business investments and create 186 new jobs," Casey said. "Through our economic development investments, we are helping homegrown businesses take advantage of new opportunities and create new jobs."
 PIDA loans, awarded at low interest rates, may be used by manufacturers and industrial firms to purchase land and buildings for construction or renovation. Applications are made by local industrial development groups on behalf of industrial borrowers.
 At its monthly meeting, the PIDA board approved the following projects:
 Allegheny County -- $806,400 to Penninox Corp. for the acquisition and renovation of a 57,600-square-foot building along Route 136 in Forward Township. The company, which offers slitting services for manufacturers of stainless steel plate coils, will establish a new operation on the site. The $1.1 million project is expected to create 55 jobs.
 Cumberland County -- $384,000 to Capital Regional Economic Development Corporation (CREDC) for the construction of a 40,000-square- foot multi-occupancy building in the Watts Business Center in Carlisle. The facility, which will be suitable for light manufacturing, warehouse and food processing operations, is expected to house as many as five tenants. The total cost of the project is $960,000.
 Elk County -- $581,750 to Windfall Products Inc. for a 33,000- square-foot expansion project along West Creek Road in St. Marys. The powdered metals manufacturer will use the loan to expand its operations at the site it currently occupies. The $1.1 million project is expected to create 36 jobs.
 Lancaster County -- $257,600 to Precision Plastics Technologies Inc. for the acquisition and renovation of a 14,400-square-foot building at 660 Furnace Hills Pike in Lititz. The company, which manufactures a wide range of thermo injected molded plastics, will use the loan to move to larger quarters. The $644,000 project is expected to create 33 new jobs.
 Lancaster County -- $238,720 to Tryum Corp. for the acquisition and renovation of a 25,000-square-foot building at 310 S. 18th Street in Columbia. The company, which manufactures a wide range of bakery products for the snack food market, will use the loan to expand its operation in the area. The $597,000 project is expected to create 19 jobs.
 Montgomery County -- $600,000 Folexco for the acquisition and renovation of a 51,000-square-foot building at 150 Domorrah Drive in Montgomeryville. The food flavoring producer, a division of the Zink and Triest Co., will use the loan to relocate its operation to the site from South Plainfield, N.J. The $2.1 million project is expected to create 43 jobs.
 York County -- $1.46 million to the York Industrial Development Corporation (YIDC) for the acquisition and renovation of an additional building in the former Borg-Warner complex at the intersection of Roosevelt and Philadelphia Streets in York.
 The loan will enable YIDC to acquire and renovate the 96,000-square- foot building. Eventually it will be capable of housing two light industrial tenants employing up to 265 workers. The total cost of this portion of the project is $4.1 million.
 York County -- $1.22 million for YIDC for the acquisition and renovation of another building in the former Borg-Warner Plaza in York. Within three years, this renovated building will house four light industrial tenants employing 113 workers. Total cost of the second project is $5.1 million.
 The two York County loans are part of an ongoing development of the York Industrial Plaza.
 Today's PIDA loans bring the total state investment in the York Industrial Plaza to more than $5.9 million.
 /delval/
 -0- 1/12/94
 /CONTACT: Dennis V. Curtin of the Department of Commerce, 717-783-1132/


CO: Pennsylvania Industrial Development Authority ST: Pennsylvania IN: SU:

MK -- PH019 -- 1438 01/12/94 14:18 EST
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Date:Jan 12, 1994
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