Saturday, April 21, 2012

Canadian manufacturer to move HQ to Montco

"The Corbett administration has awarded $844,000 in incentives to help a Canadian company that makes catalytic converters for diesel vehicles relocate to Montgomeryville.

Environmental Solutions Worldwide Inc. will move its headquarters from Concord, Ontario, to a 40,220-square-foot building that its U.S. research and development and Air Testing Services units have been using since 2005. Last October, the company relocated all of its manufacturing operations from Canada to the Montgomeryville facility.

The Pennsylvania Department of Community and Economic Development provided a $150,000 Opportunity Grant, a $500,000 low-interest loan from the Machinery and Equipment Loan Fund, and $194,000 in job-creation tax credits. In addition, the state said the company would be eligible to apply for R&D tax credits. In return, Environmental Solutions Worldwide said it intended to create at least 97 jobs within three years and retain 11 existing jobs. According to its most recent annual report, the company had 38 employees, down from 53 the prior year.

The thinly traded publicly held company said that the target markets for its emissions-control technology retrofits are on-road trucks and school buses as well as off-road construction vehicles, tractors, and military equipment.

Environmental Solutions Worldwide, which underwent a major restructuring last year, reported a net loss of $9.23 million, or 5 cents per share, on net sales of $11.89 million in 2011. The previous year, the company lost $9.43 million, or 8 cents per share, on sales of $10.44 million."

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