Princeton Tec Receives $18M Economic Development Authority Tax Grant for Manufacturing Expansion
Get access to everything we publish when you sign up for Outside+.
EDA funds will assist in the addition of 156 new jobs and manufacturing facility expansion for continued growth of New Jersey-based outdoor lighting company.
BORDENTOWN, N.J. (March 16, 2015) – Princeton Tec, the market leader of U.S.-manufactured headlamps and handheld lights, will expand local manufacturing operations and increase local workforce at their New Jersey-based facility thanks to a $18.3M tax grant the company received from the New Jersey Economic Development Authority (EDA).
“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.”
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 over the next 10 years.
“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.”
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.
In addition to the $1.8M annually Princeton Tec will receive in tax grants to assist in the mass expansion of their operations, the company will also invest $3.6M of its own capital into the development process.
Family-owned and celebrating their 40th anniversary this year, Princeton Tec is New Jersey through and through and dedicated to U.S. manufacturing. In 2012, U.S. Secretary of Labor Hilda Solis visited the Princeton Tec headquarters, toured the facility, and praised the company for what they are doing at the local level and manufacturing domestically. The company is committed to supporting the local economy and producing the highest quality of lighting products for the outdoors, bike, SCUBA, industrial, and tactical markets.
For more information about Princeton Tec, please visit: www.princetontec.com
About Princeton Tec
Since 1975, New Jersey-based Princeton Tec’s goal has been to deliver top-quality outdoor lighting products to the outdoor, bike, industrial, tactical, and SCUBA industries. The company is an American manufacturer, and through the decades has built a strong reputation with dealers and customers for their superior and reliable lights. For more information about Princeton Tec, please visit: http://www.princetontec.com.