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PERTH AMBOY, NJ-International Processing Corp. is set to break ground for a 42,000-sf manufacturing plant on a 6.5-acre site here. IPC, which makes animal food supplements, recently acquired the site from its parent company, Scope Products of California.

IPC bought the site and will build and equip the plant with the help of $5 million in tax-exempt financing arranged by the New Jersey EDA. Banc of America Securities LLC underwrote the 20-year bond issue, which carries an initial variable interest rate of 1.15%.

“In addition to offering a tax-exempt investment for the bondholder, EDA bonds also provide us with a much lower interest rate, which is a factor that makes it much more practical to build a facility,” according to Eric Iwafuchi, vice president and CFO for IPC. His 10-year-old company, which has operations in a dozen other states, had been considering closing the local operation and combining it with one of those locations.

“The tax-exempt bond financing that EDA can make available to manufacturers like IPC will allow the company to move from an undersized leased facility to a nearby site without any dislocation of the workforce,” points out Al Koeppe, EDA chairman.

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