New Jersey company to bring 15 jobs to Fayette County
A New Jersey firm is moving into the Fayette Business Park, bringing 15 new jobs to Fayette County. On Thursday, Fay-Penn Economic Development Council and Mypodiamond Inc. of Gibbstown, N.J., announced the manufacturing company will relocate its business to a four-acre site it is purchasing in the business park in Georges Township from Fayette Industrial Fund (FIF).
The company will build a 10,000-square-foot manufacturing facility on the site, with room for further expansion.
“Mypodiamond’s business decision to relocate to Fayette County was based on business climate and work force availability,’ said Bill Mancini, company president. “We are looking forward to building a long-term relationship with the community.”
Mypodiamond Inc. is a Swiss-owned manufacturer of high-quality industrial diamond powders that are used for special applications in which very hard materials, such as ceramics, gemstones and electronic parts, must be polished very smoothly, according to Fay-Penn. The company is one of only a few manufacturers worldwide and the only U.S. manufacturer that produces the Mypolex polycrystalline diamond powder.
The business of manufacturing high-quality industrial diamond powders was developed and operated by the DuPont Corp. since the 1960s.
Spring Holding, AG, a Swiss holding company and parent firm of Mypodiamond, acquired DuPont’s industrial diamond business in 1999.
“Mypodiamond is bringing quality jobs to Fayette County,’ said Bob Garrett, FIF president.
“We are able to bring such high-caliber companies to Fayette County because of proper planning and the available infrastructure that is already in place.’
“We are very pleased with Mypodiamond’s decision to relocate to Fayette County,’ Mike Krajovic, Fay-Penn president, said.
Krajovic said the planned completion of the Mon/Fayette Expressway to Interstate 68 near Morgantown, W.Va., and the tax-free Keystone Opportunity Zone (KOZ) status of the business park area “helped tremendously in attracting Mypodiamond.”
Mypodiamond is working with the state Department of Environmental Protection to secure necessary permits. The company also plans to partner with CareerLink to staff its facility.
Krajovic said the company learned of the availability of sites in this area through a relationship it has in buying some products from Dynamic Materials Corp. in Mount Braddock.
By moving into a KOZ, the company will pay no property or other taxes through 2012. Krajovic said local taxing bodies agreed under the KOZ program “not to charge any taxes until the expiration of the period. Also, the state, in exchange for the local taxing bodies being willing to forego taxes, foregoes collecting any corporate net income or capital stock tax from the company during the period.”