Two Lehigh Valley manufacturers will be expanding with the help of low interest loans from the Pennsylvania Industrial Development Authority.
The authority issued two loans for Northampton County projects through the Northampton County New Jobs Corp.
An Allentown firm, Vastex International Inc., which manufactures screen printing machines, was awarded a $1.2 million, 15-year loan to acquire 8.25 acres in Lehigh Valley Industrial Park VII to construct a 45,000-square-foot building.
The total cost of the project is projected to be $3.75 million. The project is expected to add eight new jobs to the company’s 23 positions.
In a recent interview with Lehigh Valley Business, Mark Vasilantone, president and owner of Vastex, said the company will move from 1032 N. Irving St. in Allentown to the new site once it’s built. Groundbreaking on the new building could start in October.
The authority also awarded a $450,000 15-year loan to Everson Tesla Inc. of Nazareth, a manufacturer of coils, motors, superconductor magnets and systems.
The loan will assist in the building of a 10,290-square-foot addition to the company’s facility in Salvaggio Industrial Park in Nazareth.
The total cost of the project is projected to be $900,000. It is expected to add five new jobs to the company’s 75 positions.