Editor’s note: This article is by Howard Weiss-Tisman of the Brattleboro Reformer, in which it first appeared Aug. 28, 2015.
Pat Moulton, secretary of the Agency of Commerce and Community Development, said Thursday that several state programs are being considered to help convince G.S. Precision to stay at its facility in the Exit 1 Industrial Park.
The company has received initial approval of more than $1 million in Vermont Employment Growth Incentive (VEGI) loans and a commitment of Vermont Training Program funds.
Moulton said additional financing from the Windham County Economic Development program and a successful application for a community development block grant could add another $3 million to the package, along with potential VEDA financing of up to $1.5 million and federal new market tax credits.
“We are delighted to be moving forward with the expansion of G.S. Precision in Brattleboro at Exit 1,” Moulton said. “G.S. Precision is a great company offering very competitive wages and benefits for residents in the region. They are amongst the types of businesses we want to grow in the region. This combination of WCEDP, VEGI, Vermont Training Program dollars and more demonstrates the kind of package we can put together for job creation opportunities in Windham County.”
In April, company president and CEO Norm Schneeberger said he was looking at a site in West Chesterfield, N.H., to expand, saying at the time that the Brattleboro facility could not meet the company’s growing needs.
Since then, Brattleboro Development Credit Corp. Executive Director Adam Grinold has been working with the state, the town of Brattleboro, and with G.S. Precision to come up with an incentive package that would convince the company to expand in Brattleboro.
The new proposed $18 million project includes an investment by G.S. Precision in expanding its existing facilities with approximately 25,000 square feet of industrial space, several million dollars in new machinery and equipment and an estimate of up to 100 new, high-paying manufacturing jobs.
G.S. Precision manufactures machined components and sub-assemblies for the aircraft engine, aerospace, medical, fiber-optic, automotive, specialty bearing and other commercial industries.
The company was founded in 1958 in Wilmington and moved to the Brattleboro facility in 1985.
The company also opened a facility in Guaymas, Mexico, in 2003; opened a second facility in Brattleboro in 2008; acquired Matthews Aerospace Industries in California in 2010; and purchased Knappe & Koester in Keene, N.H., in 2013.
G.S. Precision has more than 500 employees worldwide, including more than 300 in Brattleboro.
The expansion is planned to meet expected demand over the next five years, primarily due to potential new contracts. The project will be developed by the Brattleboro Development Credit Corp., which owns the Exit 1 Industrial Park.
“There are a lot of factors privately held businesses weigh when choosing where they want to be,” Grinold said. “I’m really pleased to be working within a region that has developed expertise in assembling complicated financing and project management as well as developing long-term workforce retention and recruitment systems. It makes choosing southern Vermont easy.”
“GSP is a growing business and we will need additional capacity in the near future,” Schneeberger said. “Our partners at BDCC and the Town of Brattleboro have worked with us to identify the best available options and we have also received financial incentives from the State of Vermont that increase the attractiveness of expanding here in Brattleboro. We have a lot of work to do to finalize our plans and will provide updates when more substantive information becomes available.”
Howard Weiss-Tisman can be contacted at 802-254-2311 ext. 279.
