Pennsylvania to Aid Franklin Bronze & Alloy Project

July 24, 2005
Expansion, new equipment projects get $600K in aid

Franklin Bronze & Alloy Co. has received low-interest loan of $500,000 through a Pennsylvania industrial development program to help with an expansion project at its foundry in Franklin, PA. Pennsylvania Gov. Edward G. Rendell presented a check to the mayor of that city from the state’s Enterprise Zone program, and the state also is supporting Franklin Bronze & Alloy with job-creation tax credits worth $102,000. The money from the Enterprise Zone program will be lent to Franklin Bronze & Alloy at 3% over seven years.

The foundry -- a producer of nonferrous, stainless steel, and nickel-based alloy sand castings and investment castings -- has purchased new equipment to be housed in recently added workspace, and existing equipment has been upgraded. The funding will be used to add more automated systems, according to the company’s president. Franklin Bronze & Alloy expects to increase its sale volume by 80%, and to add over 50 new employees.

"Focusing our state investments in high-growth companies, while channeling resources to aging communities in need of new and improved infrastructure, is a strategy for success," Gov. Rendell said. "I know that by giving our traditional industries, especially manufacturing, the tools necessary to access new technology we can enhance productivity and create jobs …."

Bob Barber, president of Franklin Bronze & Alloy, said, "Expansion and innovation is the cornerstone of our industry, and by working with Gov. Rendell and his Dept. of Community and Economic Development, we can continue to achieve these goals.".

Pennsylvania’s Enterprise Zone Program provides grants to financially disadvantaged communities to aid in preparing and implementing business development strategies.