Pennsylvania Aerospace Companies Expand Operations

Summit Aerospace USA Inc. in Monroe County, Pa., and National Magnetics Group Inc. in Northampton County, Pa., will invest a total of more than $3.5 million to expand their operations and create and retain more than 100 jobs in Pennsylvania.

 

“We have enacted pro-growth policies that are enabling manufacturers like Summit Aerospace USA and National Magnetics Group to grow and create jobs,” Gov. Tom Corbett says. Pennsylvania Industrial Development Authority has provided the firms with a total of more than $1.67 million low-interest loans for building acquisition, construction and renovation work.

 

Summit Aerospace USA, a provider of precision machining of super alloys for jet and helicopter engine components to the aerospace and defense markets, will acquire and renovate an existing 16,200ft² facility in Coolbaugh Township, Pa. The company will invest a total of $1.6 million in the project that is projected to create nine new jobs and retain 13 existing employees. PIDA will provide a $720,000, 15-year low-interest loan at 1.5% to the Monroe County Industrial Development Authority on behalf of Summit Aerospace USA.

 

National Magnetics Group (NMG), a manufacturer of technical ceramics, will acquire and renovate an existing 28,934ft² facility in Bethlehem. The company will invest more than $1.9 million in the project that is projected to create five new jobs and retain 81 existing employees. PIDA will provide a $951,000, 15-year low-interest loan at 1.5% to the Northampton County New Jobs Corp. on behalf of National Magnetics Group.