Carpenter Technology, a specialty metals manufacturer based in Reading, PA since the Civil War, enguaged Triad's services in late 2006 to help put together a proposal and request for state financing assistance. The financial assistance was for a $113 million expansion project creating 261 new jobs over three years to allow for additional production of specialty medals. Carpenter, which had never approached the state before for financial assistance, looked to Triad for help.
Triad's team researched similar offers the state had made to other manufacturing companies and helped arrive at an aggressive but not unrealistic number to take to the Administration - Governor Rendell, DCED Secretary Dennis Yablonsky and the Governor\'s Action Team. The main crux of the argument was that the company wanted to be a good corporate citizen and stay in PA, but also had land and a plant in a southern state and had to seriously weigh the costs of business when making a decision where to locate there to bring jobs and investment.
In pulling together a strategy, Triad garnered support from the State Legislative Delegation and engauged the CEO and top executives in meetings with the Administration and Legislative Leaders. Using our understanding of the state\'s arsenal of economic development programs, Triad was able to frame a package which resulted in the state offering a financial incentive plan with a mix of grants, loans and tax credits for infrastructure improvements, machinery and equipment, job training and working costs totaling $11 million.
The Carpenter Technology case study serves as a perfect model for the way a skillful consulting firm can help a private company partner with the state on a successful economic development project.
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