Gov. Rendell Says Pennsylvania-Based Global Manufacturer Expanding
To: STATE EDITORS
Contact: Teresa Candori of the Pennsylvania Office of the Governor, +1-717-783-1116; or Penny Kline of the Pennsylvania Department of Community & Economic Development, +1-717-783-1132
Latrobe Specialty Steel Will Invest $62 Million in Venango, Westmoreland Counties; Create and Retain 724 Jobs
HARRISBURG, Pa.,Jan. 22/PRNewswire-USNewswire/ –Latrobe Specialty Steel Company is strengthening its presence in Pennsylvania by investing $62 million in an expansion project in two counties, Governor Edward G. Rendell announced today.
The Governor said the global manufacturer and distributor of precision-engineered specialty alloys will create at least 107 jobs and retain 617 positions in Venango and Westmoreland counties.
Latrobe Specialty Steels commitment to Pennsylvania speaks volumes about our strong business climate, Governor Rendell said. Latrobe did its homework and considered expanding in other states, but ultimately chose to re-invest in Pennsylvania because of our competitive business environment, talented workforce, and attractive quality of life.
We will continue to use our resources to help existing Pennsylvania manufacturing firms, as well as those that want to locate here and compete successfully in national and international markets.
Latrobe Specialty Steel is building a 60,000-square-foot manufacturing facility near its Latrobe headquarters. The plant will house the companys expanded vacuum induction melting and vacuum arc remelting operations, which will supply engineered materials for aerospace and defense systems. Latrobe expects the new facility to be operational by the end of the year.
The Westmoreland County expansion is expected to create 95 new jobs and retain 551 existing ones.
In a complementary project in Venango County, the company plans to expand its existing building to accommodate a new bar peeler or finishing line to serve Latrobe Specialty Steels aerospace customers. At least 12 jobs will be created and 63 current positions will be retained. The company anticipates the Sandycreek project will be completed by the third quarter of this year.
Our aerospace and defense end users look to us for new materials solutions. With this tripling of vacuum melting capacity, we can broaden our product range of high-performance alloys. We appreciate the support of the Commonwealth of Pennsylvania so we can grow within the state, said Hans J. Sack, president and CEO of Latrobe Specialty Steel.
The Economic Growth Connection of Westmoreland assisted Latrobe Specialty Steel in its efforts to obtain a $1.2 million funding offer from the Department of Community and Economic Development that includes a $770,000 opportunity grant, $275,000 in customized job training and $156,000 in job creation tax credits.
This is a special project for Latrobe and Westmoreland County, said John Skiavo, president and CEO of the Economic Growth Connection of Westmoreland. The investment that will be made by Latrobe Specialty Steel, along with the job creation and retention, is very significant for our region. We are grateful for the states important participation and support.
The companys project was coordinated through the Governors Action Team, economic development professionals who serve as a single point- of-contact for businesses considering locating or expanding in Pennsylvania.
Since January 2003, GAT has successfully completed 937 projects, resulting in commitments to create 99,933 new jobs and retain 226,992 existing positions. The commonwealth has offered more than $1.8 billion in assistance for these projects, which will leverage more than $11.2 billion in additional investment.
Latrobe Specialty Steel Company manufactures and distributes precision-engineered specialty alloys for its international customers. Airframe and defense systems manufacturers specify Latrobes high-performance, vacuum melted and vacuum remelted alloys for jet engine bearings, helicopter rotor shafts, landing gears, fighting vehicle torsion bars and spacecraft components. In business continuously since 1913, Latrobe Specialty Steel employs approximately 900 people in ten locations throughout North America and Europe. To learn more about the company, visit http:// www.latrobesteel.com.
For information on the Governors Action Team and DCED programs, visit http://www.NewPA.comor call 1-866-466-3972.
The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses.To find out more about Governor Rendell’s initiatives and to sign up for his weekly newsletter, visithttp:// www.governor.state.pa.us.
CONTACT:
Teresa Candori 717-783-1116,
Penny Kline (DCED) 717-783-1132
SOURCE Pennsylvania Office of the Governor
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