Princeton Tec will expand local manufacturing operations and increase local workforce at their New Jersey-based facility thanks to an $18.3 million tax grant the company received from the New Jersey Economic Development Authority (EDA). Part of the “Grow New Jersey” grant program, Princeton Tec received the EDA’s largest grant to date in Pennsauken and will apply the resources to growing and strengthening its business operations in New Jersey during the next 10 years, said the company.
“We are proud to announce that Princeton Tec – a longstanding, family-owned business – will continue to grow here in the Garden State,” said Lt. Governor Kim Guadagno. “This new headquarters will bring more than 150 new jobs to Pennsauken and strengthen Princeton Tec to keep it in the New Jersey family for many years to come.”
The New Jersey-based tax grant will allow the company to continue its growth and manufacturing in the U.S. with a new 77,764 square-foot facility in Pennsauken – slated to open later this year. The new headquarters will be more than double the size of Princeton Tec’s current operations in Bordentown, and include a showroom, 48-foot ceilings in new warehouse area, and increased office space. The new location will enable Princeton Tec to increase product development, enhance quality control, and bolster the local workforce and economy, says the company.
“Princeton Tec is truly honored to begin our 40th year with the help of this large grant from the New Jersey Economic Development Authority,” said Dave Cozzone, Vice President at Princeton Tec. “This grant will allow us to more than double the size of our facilities and manufacturing operations, and allow us to support the local workforce with 156 new jobs in our home state of New Jersey.”
In addition to the $1.8 millkion annually Princeton Tec will receive in tax grants to assist in the mass expansion of their operations, the company will also invest $3.6 million of its own capital into the development process.
