WOZNIAK ANNOUNCES STATE LOAN THAT WILL HELP BRING 50 NEW JOBS TO THE AREA

HARRISBURG, March 13, 2003 -- A manufacturer of powdered metal parts will build a new facility in Centre County with the help of a state loan approved recently by the Pennsylvania Economic Development Financing Authority (PEDFA).

Wozniak said the Sinterstahl Corporation will use the $975,000 loan to help fund the $2.2 million project that is expected to create 50 new jobs. The Monshannon Valley Economic Development Partnership Inc. will construct the 50,000 square foot facility in a Keystone Opportunity Zone. The facility will serve as Sinterstahl's corporate headquarters in North America.

Keystone Opportunity Zones, proposed by Wozniak in 1998, are deteriorated, abandoned or unused properties that a municipality can designate as tax-free to attract businesses. The properties are sold to businesses, and tax exemptions are given for a designated number of years to encourage investment in those targeted areas.

"I've recently toured the site for the new facility," Wozniak said. "Given the shape of today's economy, it's refreshing to catch a glimpse of the future," Wozniak said. "It just serves as a reminder to everyone that better times are ahead. We just have to keep working for projects like this that will bring more jobs and help resuscitate our economy."

Pennsylvania's Department of Community and Economic Development administers PEDFA funds.

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