FL: Radiant Power Expanding in Manatee County, Adding 16 Jobs
21 Jan, 2013
Radiant Power Corp., designer and producer of power and sensor products for commercial aviation and marine, will expand its Manatee County facility for the second time in less than a year, which will lead to 16 new jobs during the next two years.
Governor Scott said, "Every job created helps a Florida family, and Radiant Power's progress is more proof that Florida is headed in the right direction. Since December of 2010, our state has created over 200,000 private-sector jobs. Though we've made great progress, our work is not done until every Floridian who wants a job has the opportunity to get one."
With business operations in the county since 1999, Radiant Power expanded its South Manatee facility last year to accommodate a larger engineering team for developing new products and added production space for a business it relocated from Hatsfield, Penn. The current expansion will add 4,000 square feet to the 27,000-square-foot facility as the company integrates another product line being relocated from St. Charles, Ill.
Radiant Power's products are underwater locator beacons that are used to locate aircraft cockpit voice recorders and flight data recorders, marine ship voyage recorders and various other devices which have been submerged under water. The beacons are required equipment on all Federal Aviation Administration-approved recorders used in aircraft, and on similar systems used on large marine shipping vessels. Partnering to bring this project to fruition were Enterprise Florida Inc., Manatee County Board of County Commissioners and Manatee County EDC.
"This is our second expansion in less than a year, and we would not be able to grow our production and workforce at this rate without expedited assistance from the EDC [economic development corporation], Manatee County Government and the State of Florida," said Anish Patel, president of Radiant Power. "This latest expansion requires a capital investment of more than $650,000, which demonstrates our confidence in being able to deliver to global markets from our Manatee County location."
Radiant Power's past and future economic impact on the area is acknowledged by the Manatee County EDC. "Radiant Power has a proven track record in our community for capital investment and job creation," said Sharon Hillstrom, the EDC's president and CEO.
"The company's continued growth in Manatee County demonstrates the Bradenton area's viability as a location for aviation and avionics-related manufacturing."
For its expansion project, Radiant Power has been approved for a state Qualified Target Industry incentive of $80,000, a tax refund that is paid after job and other contractual requirements are met. It includes a $16,000 match from the Manatee Board of County Commissioners. The average annual wage of Radiant Power's 16 new jobs will pay 15 percent more than the county's average yearly wage.
"The Manatee Board of County Commissioners is focused on providing a business-friendly environment that spurs job creation for local residents," said Ed Hunzeker, Manatee County administrator. "Carefully applying performance-based incentives and expediting permitting, where appropriate, are tools that give Manatee County an edge in competing for business expansion."