Meadville heat treating plant expanding

Submitted Fri, 05/31/2013 - 7:02am by Andy Alm

HARRISBURG — Governor Tom Corbett today announced that Peters’ Heat Treating,
Inc. will move forward with an expansion that is projected to support the creation
of five jobs and the retention of 24 positions in Crawford County.

“Job creation is a top priority of my administration and supporting Pennsylvania’s
manufacturers is a key to our success,” Corbett said. “Our support of this expansion
will result in new job creation in the region – and because it’s a loan, the funding
will be paid back to the commonwealth and reinvested in more job creation
projects.”

Peters’ Heat Treating, a thermal processing manufacturer of ferrous and nonferrous
materials, will purchase and renovate an existing 12,700-square-foot facility
in West Mead Township, Crawford County. The company will invest more than $1
million in the project that is expected to create five new jobs and retain 24 existing
employees.

The Pennsylvania Industrial Development Authority (PIDA) will provide a $410,000,
15-year, low-interest loan at 1.5 percent, to the Economic Progress Alliance of
Crawford County on behalf of Peters’ Heat Treating.

To address a key recommendation of the Governor’s Manufacturing Advisory
Council the Corbett administration reduced the interest rates of five business loan
programs, including the PIDA. The rates were reduced from 2.75 percent to 1.5
percent and fees charged to borrowers were waived. The new rates for PIDA
applications expired March 31.

“We have successfully maintained fiscal stability and enacted pro-growth policies to
send a strong message that Pennsylvania is serious about job creation,” Corbett
said. “As a result, more than 125,000 private sector jobs have been created and
our labor force has grown by 100,000 to more than 6.5 million.”

PIDA provides capital for building acquisition, construction and renovation work,
primarily for manufacturers, industrial developers, research and development firms,
agricultural processors and employers looking to establish national or regional
headquarters in Pennsylvania.

For more information about the Department of Community and Economic
Development and other job creation initiatives in Pennsylvania, visit
www.newPA.com, follow them on twitter @newPAnews, or call 1-866-466-3972.

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