HARRISBURG, Pa., Nov. 16 /PRNewswire/ -- Pennsylvania Community and
Economic Development Secretary Dennis Yablonsky today announced that Pendu
Manufacturing's purchase of Cornell Industrial Corp.'s assets and 79,000-
square-foot facility in Tuscarora Township, Bradford County, will result in
the creation of 26 jobs over the next three years. The company, which produces
equipment for the sawmill and woodworking industries, will also retain 55
employees at its Lancaster County location.
"Manufacturing remains an essential element of Pennsylvania's economy,"
said Secretary Yablonsky. "Governor Rendell's economic-stimulus plan includes
several programs designed to help strengthen the state's manufacturing
industry. Successful partnerships like this one build upon our existing
strengths and position Pennsylvania for continued growth."
The Governor's Action Team, economic-development professionals who report
directly to Governor Edward G. Rendell and Secretary Yablonsky, worked with
Pendu Manufacturing and the Central Bradford Progress Authority to secure
funding for the expansion project. DCED has offered the company a financial
package totaling $848,000 that includes $350,000 through the Machinery and
Equipment Loan Fund; a $320,000 Pennsylvania Industrial Development Authority
loan; a $75,000 Opportunity Grant; $78,000 in Job Creation Tax Credits; and
$25,000 in Job Training Assistance.
Pendu Manufacturing will use the newly acquired Laceyville-area facility
to continue manufacturing the Cornell equipment product line. The company will
use the additional manufacturing capacity to produce equipment for the
existing Pendu Manufacturing product line.
Based in New Holland, Lancaster County, Pendu Manufacturing has been a
leader in the wood product industry for more than 25 years. The company
manufactures equipment for the pallet, log home and dimensional lumber
industries. Pendu's operations also include a full machine shop and an
extensive parts department.
For information on DCED funding, visit http://www.inventpa.com. For
information on Governor Rendell's economic-stimulus program, visit
http://www.newPA.com.
For information about Pendu Manufacturing, visit http://www.pendu.com.
CONTACT: Penny Kline, Pennsylvania Department of Community and Economic
Development, +1-717-783-1132.
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