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SCHWEIKER ADMINISTRATION WELCOMES HIGH-TECH START-UP COMPANY TO PENNSYLVANIAPlasticolorsRus takes advantage of state’s award-winning tax-free Keystone Opportunity Zone programN E W S R E L E A S E COMMONWEALTH OF PENNSYLVANIA Department of Community and Economic Development Commonwealth News Bureau, Room 308, Main Capitol Harrisburg, PA 17120 FOR IMMEDIATE RELEASE CONTACT: Megan Miller (717) 783-1132
HARRISBURG (Dec. 18) -- On behalf of Gov. Mark Schweiker, Community and Economic Development Secretary Sam McCullough today announced that Plastic colorsRus Inc., a color concentrate manufacturer, has established its operations in a tax-free Keystone Opportunity Zone (KOZ) in Philadelphia and will create at least 20 new jobs over the next three years. Plastic colorsRus, founded in February 2001, develops, manufactures and markets high-end color concentrate to the Engineering Thermoplastics (ETP) and Thermoplastic Elastomers (TPE) market. “Entrepreneurs like Plastic colorsRus are using new technology to help build a friction–free marketplace and respond quickly to the needs of their customers,” Secretary McCullough said. “When this high-tech company chose to locate in Pennsylvania, they not only chose to invest in Pennsylvania’s future but they chose to help invent it!” Plastic colorsRus primarily serves its customers as a “Click and Mortar - B2” company. The company takes orders through the Internet, which is personalized to allow customers to review their transactions, track the quality of their products and other pertinent information, and apply other related tools to managing the color of their products. “Plastic colorsRus was first invited to Pennsylvania by The Enterprise Center, a West Philadelphia Business Incubator, and further research made it immediately clear that Pennsylvania was the best place to do business,” said Ed Tucker, President and CEO, Plastic colorsRus. “Thanks to the Commonwealth’s commitment to a business-friendly environment, the results of our location analysis and the KOZ and other incentive programs, Plastic colorsRus looks forward to inventing our future in Pennsylvania.” The Governor’s Action Team, economic-development professionals who report directly to Gov. Schweiker, worked with Plastic colorsRus to make this project a reality. Gov. Schweiker has agreed to provide a $329,000 financial incentive package through an Opportunity Grant, Job Creation Tax Credits, Small Business First and WEDNet -- to support the Plastic colorsRus project. The company also will take advantage of the tax-free benefits of being located in a KOZ. The Ridge-Schweiker Administration designated the original 12 KOZs -- which cover more than 26,000 acres -- on Feb. 25, 1999. To date, more than 10,000 new jobs have been created, more than 4,500 jobs have been retained and more than $553 million in public/private funds have been invested since its inception. When Business Facilities magazine –- a national publication of choice for business executives seeking site locations –- announced its 2000 Economic Development Achievement Awards, Pennsylvania’s KOZ program took the Gold Level/1st Place Award in the Statewide Economic Development Strategy category. There are 12 regional KOZs encompassing more than 37,000 acres of developable land where little or no activity existed beforehand. Each KOZ properties have up to 20 sub zones, with restrictions on the size of the subzones. Designed to revive economically distressed urban and rural communities, total taxes are reduced to almost zero through credits, waivers and comprehensive deductions, with the tax abatements remaining in effect through 2010 with possible three-year extensions. During the Ridge-Schweiker Administration, Pennsylvania families and employers have saved $17 billion through tax cuts, workers’ compensation reform, reduced red tape and electric deregulation. These savings have helped to create nearly 500,000 new jobs. For more information about KOZs, visit the Department of Community and Economic Development through the PA PowerPort at www.state.pa.us or directly at www.inventpa.com. # # # 2001
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