Jobs Remain In Franklin County With The Help Of $1.2 Million Federal Grant -- Vermont Precision Tools Will Stay In Swanton

U.S. SENATOR PATRICK LEAHY

CONTACT: Office of Senator Leahy, 202-224-4242

VERMONT

Jobs Remain In Franklin County
With The Help Of $1.2 Million Federal Grant
Vermont Precision Tools Will Stay In Swanton

(FRI., Sept. 13) -- Franklin County Industrial Development Corporation and the Economic Development Council of Northern Vermont will receive $1.2 million from the Commerce Department’s Economic Development Administration (EDA), Senator Patrick Leahy and Senator Jim Jeffords announced Friday.

The funds assure that Vermont Precision Tools, a maker of high-quality gauge tools, will remain in Swanton rather than re-locating outside the state. The money will be used for construction of a 90,000 square-foot multi-tenant building in Swanton to house Vermont Precision Tools and other industries. It will also allow the company to add 25 new hires over the next three years to their present staff of 110 people.

Forty percent of the new building will be available for other tenants, enabling Franklin County to maintain present jobs as well as attract new ones. These funds follow a recent announcement by the state of a $750,000 commitment from its federal Community Development Block Grant funds for this project.

Leahy, a senior member of the Appropriations Committee and of the panel’s subcommittee that funds EDA, was pleased with the news. “This is a timely boost for Vermont’s economy and our workforce. Vermont Precision Tools is committed to staying in Vermont, and Franklin County has the resources and the space to attract new businesses. In a time of state and national job losses and plant closures, this is especially welcome news.”

Senator Jeffords, who chairs the Environment and Public Works Committee that oversees EDA, said, "This federal investment is a shot in the arm for Swanton and all of Franklin County. This grant is a testament to the hard work and skill of all the employees at Vermont Precision Tools. I applaud the Franklin County Industrial Corporation and the Economic Development Council of Northern Vermont for their hard work, day in and day out, to improve the economy of Franklin County."

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