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05-16-07
EIDCO Inc. Sponsors Over $1.73 Million in Loans for Troupe Road Warehousing and PSB Industries
The board of EIDCO, Inc. approved the sponsoring of over $1.73 million in Pennsylvania Industrial Development Authority (PIDA) loans for Troupe Road Warehousing LTD and PSB Industries Inc. “Both of these companies are improving their production capacity to become more competitive in their marketplace and we are pleased that EIDCO is able to assist each in this with low cost financing,” stated ECIDA Executive Director, Larry Bossolt.
Troupe Road Warehousing, a related corporate entity of Port Erie Plastics, was approved for a $760,000 Pennsylvania Industrial Development Authority (PIDA) loan for the construction of a 75,000-square-foot warehouse in Harborcreek Township. Port Erie Plastics, a custom-molded plastic product manufacturer operating in a 300,000 square foot facility at 909 Troupe Rd., currently has two warehouses that each total 100,000 square feet. Addition of new customers and an increase in volume from existing customers led to the need for a third facility. The new warehouse, which will be completed in August, also provides for more space in the manufacturing facility to accommodate additional production lines. This $1.9 million project will help to retain 248 jobs at Port Erie Plastics.
“We compete on a daily basis with overseas companies that in many instances have the benefits of government subsidies and third-world labor rates. To succeed as a custom molder in Pennsylvania, we have to offer many value-added services. Distribution warehousing is one of those key value-added services. The assistance of EIDCO, Inc. on our PIDA loan was a great help in lowering the cost to expand our warehousing services, which in turn helps us keep manufacturing jobs viable here,” notes John Johnson, President of Port Erie Plastics.
PSB Industries Inc., an Erie dehydration/purification system manufacturer, will receive a $976,500 PIDA loan for the expansion and renovation of its facility located at 1202 West 12th St. The company currently operates in 12 buildings with 300,000 total square feet. The funding will allow for upgrades to the current site including roof and window renovations, as well as a 50,000-square-foot expansion. This facility expansion will enable PSB to accommodate new sales in the core dryer business as well as expand other existing product lines. As a result of this investment, PSB will add 21 new workers to the 45 it currently employs. This investment is part of a Governor’s Action Team funding package totaling more than $1.6 million.
“PSB Industries Inc. would like to thank Governor Ed Rendell and EIDCO, Inc. for providing PSB with a PIDA loan. Our facility renovations and expansion will allow us to better service our customers and provide needed economic and employment growth in Erie County,” states PSB Industries President Mark McCain.
EIDCO, Inc., an affiliated agency of the Economic Development Corporation of Erie County, acts as a local sponsor for PIDA loans in Erie County. The Troupe Road Warehousing and PSB projects both received final approval by PIDA at a meeting in Pittsburgh on May 2nd. |
