Created on Wednesday, 12 May 2010 09:57
Tyco International is getting a $100,000 grant through the Montgomery County Industrial Development Authority to keep its Fire Suppression and Building Products Division in Lansdale. The County Commissioners approved the grant recently. County Economic Development Director Ken Klothen says the company started a relocation search because it was running out of space, and the division was under some pressure from the parent company to move to Princeton, New Jersey, near corporate headquarters, but now that’s not happening.
“The employees would prefer to stay where they are, and what was needed was some assistance to help them find appropriate space still in the county and to fit out that space to make the total cost of the move equivalent to the cost of the move to Princeton.”
Klothen Says Tyco is leasing 40,000 square feet of new office space in Lansdale, and the county grant will help the company pay for fitting out the building. He says the borough is giving about $70,000 worth of discounts on electric rates and various fees, and the company is putting up $1 million of its own money.