Governor Tom Corbett announced that Lehigh Valley Technologies, Inc. a pharmaceutical manufacturer, has acquired a new facility to expand operations in Allentown, Lehigh County creating at least 52 new, high-paying jobs.
This is the 16th jobs announcement in the Lehigh Valley this year with the resulting total job creation for the county projected to be more than 1,390 new jobs.
“With a renewed business climate and positive economic momentum, more and more companies are growing and creating jobs in Pennsylvania,” said Corbett. “Companies like Lehigh Valley Technologies see the endless potential in our state and, as a result, 52 more jobs are coming to the region.”
Lehigh Valley Technologies (LVT), currently operating out of a 30,000-square-foot facility in Allentown, has acquired an additional 39,000-square-foot facility to meet new pharmaceutical production demands. The company will invest more than $3.25 million to support the expansion through land and building acquisition, renovations and new equipment. LVT is projected to create 52 new jobs and retain 36 more positions with the project.
”Expanding our operations in the City of Allentown made the most sense for us,” said Larry Dalesandro, LVT’s chief financial officer. “We have a great track record in Allentown, and we appreciate the assistance offered by the Commonwealth of Pennsylvania.”
The company received a funding offer from the Department of Community and Economic Development including $52,000 in Job Creation Tax Credits and a $23,400 Guaranteed Free Training grant to be used for training its new employees. The company will also be eligible to apply for a $450,000 loan from the Machinery and Equipment Loan Fund to be repaid within 10 years.
LVT is also working with the Pennsylvania Industrial Development Authority in attaining a low-interest loan for a portion of the project costs.
The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who work directly with businesses that are considering locating or expanding in Pennsylvania, in collaboration with the City of Allentown.
“LVT is a great example of urban manufacturing and we are very pleased that they chose to expand in the city,” said Scott Unger, executive director of the Allentown Economic Development Corporation.
Formed in 1999, LVT initially manufactured and distributed over-the-counter drug products. In 2005, the company started manufacturing prescription products and currently has several new products at various stages of development.
For more information, visit Lehigh Valley Technologies, Inc. at www.lvtechinc.com.
For more information about Governor Corbett’s commitment to job creation, visit www.pa.gov.