Adams Economic Alliance Announces $2.4 Million Expansion, $1.2 Million Low-Interest Loan at Precision Cut Industries
Karen Hendricks | GETTYSBURG, PA (October 24, 2018) –This article was originally published by Adams Economic Alliance. It’s available online in original form here.
Precision Cut Industries (PCI), one of the largest laser-cutting contract manufacturers on the East Coast, is launching a $2.4 million expansion of its Conewago Township, Adams County facility through both office and manufacturing space, financed in part by a $1.2 million low-interest loan facilitated through Adams Economic Alliance and Pennsylvania Industrial Development Authority (PIDA).
PCI manufactures metal laser-cut parts as well as fully-assembled products for a wide variety of customers across multiple fields and industries such as Volvo Construction, Schindler Elevator, Amtrak and numerous companies in the conveyor industry. Revenues exceed $25 million annually.
“Manufacturing continues to play a vital role in Adams County’s economy,” says Robin Fitzpatrick, Alliance President. “PCI is one of many Adams County manufacturers that is thriving due to our dedicated workforce as well as its innovative growth mindset. We are thrilled to support PCI’s expansion efforts which will, in turn, continue to impact our local and regional economy through good-paying jobs and quality products contributing to the success of PCI’s customers throughout the Mid-Atlantic region and beyond.”
The 15-year low-interest (2.75 percent) loan processed through the Alliance’s Adams County Economic Development Corporation (ACEDC), PIDA and York Traditions Bank is assisting PCI’s expansion at its Ram Drive, Hanover location.
The project, which is underway and slated to be completed in 2019, expands the facility by adding more than 3,000 square feet of office space and 25,000 square feet of additional manufacturing space.
Brian Greenplate, PCI’s President/CEO, says the expansion comes during the company’s banner 20th anniversary year, and is fueled in part by two contributing factors—growth of existing customers and new customer demand.
“We see more and more of the OEMs (original equipment manufacturers) looking to design and sell their products, and they’re looking for manufacturers like PCI to support their manufacturing needs. We continue to see opportunities to support their growth, so we want to make sure we’re poised for continued growth into the future,” Greenplate says.
This marks the fourth loan processed under the Adams Economic Alliance umbrella for PCI. The Alliance is certified annually by the state’s Department of Community and Economic Development in order to process and administer loan and grant programs for Adams County’s businesses.
“The PIDA program offers a very attractive financing scenario to support local manufacturers,” says Greenplate. “Additionally, the level of customer service with Adams Economic Alliance is extremely high.”
Greenplate says PCI strives to create long-term partnerships and strong customer relationships.
“We feel very fortunate to have great customers and great employees to help make this expansion and growth opportunity possible. I like to say that when we take care of our customers with great service, great things happen.”
Fitzpatrick says manufacturing is one of Adams County’s top three “pillars of industry” along with agriculture and tourism. More than 20 percent of Adams County’s labor force is employed in the manufacturing industry, according to the latest statistics from Pennsylvania’s Department of Labor and Industry.
Statewide, manufacturing delivers an $87 billion impact annually, employing more than 560,000 people at more than 14,400 manufacturers. Pennsylvania has the eighth-largest manufacturing industry in the nation.
The PCI loan marks the 146th low-interest business loan facilitated by ACEDC since 1996. Also since 1996, ACEDC has secured $30.5 million+ in total public investment via low-interest loans and grants from DCED and $80.1 million+ in total private investment via local commercial financing.
All Adams County businesses and entrepreneurs are welcome to contact the Alliance regarding potential loan and grant opportunities.
The Adams Economic Alliance (AEA), is comprised of three organizations: The Adams County Economic Development Corporation (ACEDC), the Adams County Industrial Development Authority (ACIDA) and the Adams County General Authority (ACGA). For more information, see adamsalliance.org, call 717-334-0042, or follow AEA on Twitter (@AdamsAlliance), Facebook (Facebook.com/AdamsAlliance) and LinkedIn (Adams Economic Alliance).