Embassy Powdered Metals, Inc, Emporium, Pennsylvania, USA, will acquire American Sintered Technologies (AST), also based in Emporium, and retain both companies’ existing workforces, the company has announced.
The acquisition is part a long-range business plan of expanding operations for the company. Embassy will invest $3,050,000 in the purchase, which includes AST’s real estate, machinery and equipment assets. Embassy has committed to retaining a combined total of 96 full-time employees from the two companies over the next three years.
“It was a natural perfect fit for our growing business here in Emporium,” stated Steve Aharrah, President of Embassy. “Both privately held companies were locally built on foundations of community partnership and shared success with customers, employees and vendors. These commonalities will help produce a seamless integration of our companies’ philosophies and services.”
To assist with the acquisition, Embassy received a funding proposal from Pennsylvania’s Department of Community and Economic Development, including a $250,000 Pennsylvania First Program grant and $32,400 in WEDnetPA funding for employee training. The company has also been encouraged to apply for a $1,250,000 low-interest loan from the Pennsylvania Industrial Development Authority.
The project was coordinated by the Governor of Pennsylvania through a group of economic development professionals, who work with businesses that are considering locating or expanding in Pennsylvania, in collaboration with the Cameron County Industrial Development Authority and the Central PA Strategic Early Working Network.
“Embassy Powdered Metals and American Sintered Technologies are both very important to Cameron County’s economy,” commented Cliff Clark, Executive Director, Cameron County Industrial Development Authority. “Embassy’s acquisition of the assets of American Sintered Technologies will save 47 jobs that very likely would have been lost and will give Embassy the manufacturing space it needs to grow.”
Founded in 1996, Embassy Powdered Metals, Inc is a privately held and operated powdered metal manufacturing facility. Prior to its acquisition of AST, the company employed approximately 50 full-time staff.