Pennsylvania Gov. Ed Rendell recently announced a $7 million investment to help Keystone Cement Co. retain 180 existing employees and expand its existing manufacturing plant in Bath, Pa.
Rendell said the state’s investment is supporting more than $158 million in private sector financing by the company, a manufacturer of Portland and masonry cement. The total cost of the project is $165 million.
Keystone Cement is planning to upgrade its Bath plant from a “wet” cement production process to a “dry” one. As part of the upgrade, the company will construct new buildings, install new manufacturing equipment and re-train existing employees over the next two years.
“This project reflects our confidence in the economic future of the commonwealth of Pennsylvania,” said Manuel Llop, president and CEO of Keystone Cement. “After evaluating alternative business opportunities around the world, our Spanish parent company has chosen to invest right here in the Lehigh Valley. We are grateful for the commonwealth’s assistance in financing this project.”
The Department of Community and Economic Development and GAT offered Keystone Cement a $7 million financial package that includes a $4.5 million loan through the Machinery and Equipment Loan Fund, $2 million through the Pennsylvania Industrial Development Authority, a $200,000 Opportunity Grant and $300,000 in Job Training Assistance.
The Department of Environmental Protection began meeting with Keystone early in the process to inform the company about the regulatory components of its proposed modifications to the East Allen Township facility. DEP continues to work with the company as it moves through the process to secure operational permits for its production changes.
Keystone Cement, located in Bath and East Allen Townships in Northampton County, is owned by Giant Holding Inc., which is a subsidiary of Cementos Portland Valderrivas, S.A. headquartered in Madrid, Spain. Keystone Cement was founded in its current location in 1926 and produces approximately 700,000 tons of cement annually.
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