National Magnetics Group, Inc. – a ceramics manufacturing company that caters to high-tech clients -- is expanding its plant in Bethlehem.
The $1.9 million project will enlarge the company's 51,800-square-foot facility at 1210 Win Drive.
The company will add nearly 29,000 square feet of manufacturing and warehouse space, of which about 2,500 square feet will be used for new offices and to enlarge an inspection lab.
The project is slated to begin in early summer and should be completed by the end of the year.
National Magnetics, which employs 81 people, expects to add several new jobs over the next three years.
“National Magnetics is a high-quality manufacturing company, exactly the type of business that we want to stay and grow here in the Lehigh Valley,” said Don Cunningham, president and CEO of Lehigh Valley Economic Development Corporation, which helped arrange financing for the project.
“This expansion positions National Magnetics to become even more competitive in the manufacturing of technical ceramics, allowing it to continue its growth here in the Lehigh Valley.”
The company recently received $951,000 in Pennsylvania Industrial Development Authority (PIDA) financing to help pay for the $1.9 million expansion. PIDA funding is known as Pennsylvania's flagship economic development lending program. Locally, the program is administered by LVEDC. National Magnetics was able to secure its loan at a 1.5% financing rate.
National Magnetics, which has been in Bethlehem since 1991, manufactures products for 250 clients in the aerospace, automotive, telecommunications, semiconductor and medical industries.