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NorStar Products is soaring The development of the new line was made possible in part by an economic development loan from the Port Authority. According to NorStar CEO Jerry DeMeo, this new product line will add sales growth of at least 20 percent annually through 2001. An added benefit will be an increase in family-wage manufacturing jobs in the community. Starting with 25 jobs in August 1995, the company has steadily grown its work force to a current complement of 49. NorStar Products was formed by four local investors to purchase the aerial lift division of Reach All manufacturing when it was liquidated after a huge capital investment by the previous owners proved unsuccessful. Undaunted by the challenge, and with the assistance of local economic development funding, NorStar has convinced customers that it can, in fact, deliver a highly reliable, fairly priced product to the market. The Port Authority participated in the first round of funding by offering flexible lease terms during the startup and will benefit this round by receiving a royalty payment for each machine sold. Successful development of this new product means more manufacturing jobs for the region and a great return for the Port Authority. We hope things remain "up in the air" for many years to come. |
While
"up in the air" would signal uncertainty in most situations,
it is a sign of good things happening at NorStar. Located at the Clure
Public Marine Terminal, NorStar is developing a new line of aerial platforms
that will be marketed primarily to electric utilities for work on high-voltage
lines. |
for more information, contact:
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