Seakeeper, a manufacturer of gyroscopes for boats, will invest $11.1 million to expand its existing Berks County, PA manufacturing operation and move its Maryland headquarters to Pennsylvania. The project will create nearly 100 family-sustaining jobs in the region.
“Just as boats need gyroscopes, businesses need guidance to stabilize and optimize their operations,” said Gov. Tom Wolf. “Seakeeper’s decision to move its headquarters to Pennsylvania signals that we offer the support needed for businesses to have a competitive advantage and see a future in the commonwealth.”
As part of Seakeeper’s expansion and relocation efforts, the company will renovate its existing campus in Berks County and acquire an adjacent building, increasing its operational space to seven buildings and 180,000 square feet. The expansion will create 97 new full-time jobs and retain 97 existing jobs.
“We are extremely grateful to have found our home here in Berks County, and thankful for the support of the Governor’s Action Team,” said Seakeeper President and CEO Andrew Semprevivio. “We have incredibly passionate and hardworking employees and we’re in a town and state governed by leaders who recognize innovation and support growing local businesses. This community is our family.”
Seakeeper received a funding proposal from the Pennsylvania Department of Community and Economic Development for the project. The proposal includes a $400,000 Pennsylvania First grant, $291,000 in Job Creation Tax Credits to be distributed upon creation of the new jobs, and a $66,000 workforce development grant to help the company train workers. The company was also encouraged to apply for a $2.4 million loan through the Pennsylvania Industrial Development Authority.
The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering relocating to or expanding in Pennsylvania.
“Greater Reading knows the power that comes from supporting the expansion and growth of our existing businesses,” said Greater Reading Chamber Alliance Executive Vice President and COO Pamela Shupp. “Companies like Seakeeper are important economic engines for our community and garnering state support for these expansions is critically important.”
Seakeeper’s innovative technology changes the boating experience by eliminating up to 95 percent of boat roll – the rocking motion that causes seasickness, fatigue, and anxiety. Since selling its first Seakeeper unit in 2008, the company has developed a growing catalog of models for an expanding range of boat sizes.
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