An Allentown pharmaceutical manufacturer is expanding its operation – more than doubling in size and creating at least 52 new jobs in the city.
Lehigh Valley Technologies, which has 36 employees operating out of a 30,000-square-foot facility on North 12th Street in Allentown, has acquired an additional 39,000-square-foot building.
The company plans to invest more than $3.25 million for the acquisition, renovations and new equipment to support new pharmaceutical production demands.
Gov. Tom Corbett said this is the 16th job announcement in the Lehigh Valley this year, totaling more than 1,390 new jobs added to the local economy.
Founded in 1999, Lehigh Valley Technologies manufactures over-the-counter and prescription medications.
"Expanding our operations in the City of Allentown made the most sense for us," said Larry Dalesandro, the company'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 state 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 new employees. The company also will be eligible to apply for a $450,000 loan from the Machinery and Equipment Loan Fund to be repaid within 10 years.
The company also is working with the Pennsylvania Industrial Development Authority in obtaining a low-interest loan for a portion of the project costs.