Vermont Business Magazine In a decision that could mean a substantial increase in high-paying jobs and the retention of 300-plus existing jobs for the Brattleboro region, GS Precision President and CEO Norm Schneeberger today announced that the company is exploring potential expansion plans at the Exit One Industrial Park that would include additions to its two facilities located in the park. Upwards of $5.5 million in local and state financing was packaged into an incentive plan to keep one of state's largest companies (Ranked 49th on VBM's Vermont 100, $65.2 million in 2014 revenues, 323 employees).
“GSP is a growing business and we will need additional capacity in the near future,” said Schneeberger. “Our partners at BDCC and the Town of Brattleboro have worked with us to identify the best available options and we have also received financial incentives from the State of Vermont that increase the attractiveness of expanding here in Brattleboro. We have a lot of work to do to finalize our plans and will provide updates when more substantive information becomes available.”
When they learned that the company was considering a potential expansion in New Hampshire, quick and collaborative efforts by local, regional and state economic development officials, led by the Agency of Commerce and Community Development, the Brattleboro Development Credit Corporation, and the Town of Brattleboro resulted in an incentive package including initial approval of over $1 million in Vermont Employment Growth Incentives and a commitment of Vermont Training Program funds. Additional financing from the Windham County Economic Development Program and a successful application for CDBG could add another $3 million to the package, along with potential VEDA financing of up to $1.5 million and federal New Market Tax Credits. Project financing is subject to further project development, consideration of applications and commercial financing commitments.
“We are delighted to be moving forward with the expansion of GS Precision in Brattleboro at Exit One,” commented Patricia Moulton, Secretary of ACCD. “GS Precision is a great company offering very competitive wages and benefits for residents in the region. They are amongst the types of businesses we want to grow in the region. This combination of WCEDP, VEGI, Vermont Training Program dollars and more demonstrates the kind of package we can put together for job creation opportunities in Windham County.”
The proposed $18+ million project includes an investment by G.S. Precision in expanding their existing facilities with approximately 25,000 square feet of industrial space, several million dollars in new machinery and equipment, and an estimate of up to 100 new, high-paying manufacturing jobs. The expansion is planned to meet expected future demand over the next five years, primarily due to a potential new contracts. The project will be developed by the Brattleboro Development Credit Corporation (BDCC), which owns the Exit One Industrial Park.
BDCC coordinates regional economic development projects for Southeastern Vermont and is working to implement a number of initiatives in the region’s federally-approved economic development plan. "There are a lot of factors privately held businesses weigh when choosing where they want to be,” explained BDCC Executive Director Adam Grinold. “I'm really pleased to be working within a region that has developed expertise in assembling complicated financing and project management as well as developing long-term workforce retention and recruitment systems. It makes choosing Southern Vermont easy."
GS Precision is a leader in the manufacturing and of high-precision machined components and sub-assemblies for the aircraft engine, aerospace, medical, fiber-optic, automotive, specialty bearing, and other commercial industries. The company was founded in 1958 in Wilmington, Vermont and moved to the Brattleboro facility in 1985. They also opened a facility in Guaymas, Mexico in 2003; opened a second facility in Brattleboro in 2008; acquired Matthews Aerospace Industries in California in 2010 and purchased Knappe & Koester in Keene, NH in 2013. GSP has been a family-owned and operated business for more than 50 years.
GS Precision has over 500 employees worldwide (300+ in Brattleboro). Employee benefits include medical, dental, vision, long-term and short-term disability, 401K, vacation, paid holidays and advancement opportunities.
They are experts in machining and assembling a diversity of highly engineered parts and components made from nickel-based heat resistant aircraft alloys, titanium, stainless steels and aluminum. The company is ISO 9001:2000 and AS 9100 certified and has a reputation for outstanding quality and value in the industries it serves, and for a willingness to tackle the most challenging precision machining and assembly projects.