Manufacturing Company National Magnetics Receives Funding
By LVEDC Staff on June 11, 2013
National Magnetics Group, Inc. – a technical ceramics manufacturing company – recently received Pennsylvania Industrial Development Authority (PIDA) financing administered by the Lehigh Valley Economic Development Corp. to expand their operations at their 51,800 square foot facility in Bethlehem
LVEDC was able to obtain $951,000 in PIDA funds for the $1.9 million project. The company will retain 81 employees and is expected to increase staff within the next three years.
“Our finance department continues to provide companies with the funding that they need in order to successfully mature and further develop the Lehigh Valley into a diverse business community,” said Don Cunningham, LVEDC president and CEO. “This expansion will position National Magnetics into a stronger, more capable and diverse company.”
The project entails adding nearly 29,000 square feet of manufacturing and warehouse space, of which about 2,500 square feet will be utilized for office/inspection lab space. The project, slated to begin in early summer, is expected to be completed by the end of the year.
National Magnetics manufactures ferrites, garnets, magnets, dielectrics and material for thermal barrier coatings for 250 customers in the aerospace, automotive, telecommunications, semiconductor and medical industries.
National Magnetics Group relocated to Bethlehem from Newark, N.J. in 1991. TCI Ceramics, Inc., a wholly owned subsidiary of NMG was initially founded in 1972 and was acquired by NMG in 2001. The PIDA program is considered by the majority of lenders to be Pennsylvania’s flagship economic development lending program. The program can finance up to $2.25 million with a term of up to 15 years.
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