Specialized Vehicles Buys Lycoming Truck-Building Facility, Rendell Announces

Factory Will Create 300 Jobs

MONTGOMERY, Pa., Nov. 19 -- Pennsylvania Governor Edward G. Rendell today announced that Specialized Vehicles Corp., a maker of truck bodies and trailers, has acquired the former Grumman Olson Truck Bodies facility in Montgomery, Lycoming County. The company plans to begin manufacturing operations by the first of the year, resulting in the creation of 300 new jobs within three years.

"This is great news for Lycoming County and for the Commonwealth," Governor Rendell said. "Specialized Vehicles is a company that recognized the quality of Pennsylvania's workforce and chose this environment as a good place to invest and grow. We welcome Specialized Vehicles to Pennsylvania and the 300 jobs the company will bring to Lycoming County."

Specialized Vehicles, based in Washington, North Carolina, will invest $22.5 million in the Montgomery facility, which will have an annual payroll of about $7.5 million and generate about $70 million in economic activity in the area every year.

"Specialized Vehicles is pleased to be coming to Lycoming County," said Frank Papa, President and Chief Executive of Specialized Vehicles, during a ribbon-cutting ceremony. "This community's strong work ethic, along with a state-of-the-art truck-manufacturing facility, makes this an attractive site. Without help at both the state and local levels, this plant purchase would not have been realized."

The Governor's Action Team, economic-development professionals who report directly to Governor Rendell, worked with Specialized Vehicles to bring the company to Lycoming County. To support the project, the Department of Community and Economic Development has agreed to provide a $3,234,000 financial package that includes $900,000 in Job Creation Tax Credits; a $320,000 Opportunity Grant; $264,000 in Customized Job Training; a $500,000 Machinery and Equipment loan; and a $1.25 million loan through the Pennsylvania Industrial Development Authority.

"Creating and retaining jobs is pivotal to Pennsylvania's economic success," Governor Rendell said. "Innovative packages like the one we've developed for Specialized Vehicles show we're investing in our workers and in our communities. And that is a sound investment as we work together to build a New Pennsylvania."

The Williamsport/Lycoming Chamber of Commerce also helped to bring Specialized Vehicles to the region. "We appreciate the work and commitment of Governor Rendell, Senator Madigan, Representative Feese and the other state and local officials who made this project possible," said Vincent Matteo, President and Chief Executive of the Williamsport/Lycoming Chamber of Commerce. "This project is one more example of what we can accomplish if we work as a team."

In addition to the state funding, Industrial Properties Corp., the economic development division of the Williamsport/Lycoming Chamber of Commerce, has provided a $250,000 low-interest loan to support the project.

"I was overwhelmed with the level of support from the Williamsport/Lycoming Chamber of Commerce and all facets of state and local government," Specialized Vehicles' Papa said. "They have listened and been responsive to our needs. We look forward to a long-lasting relationship."

For information on DCED funding, visit the DCED Web site at www.inventpa.com; for information on Specialized Vehicles, visit www.svcvehicles.com; and for information on the Williamsport/Lycoming Chamber of Commerce, visit www.williamsport.org.