DOTHAN, ALA. (Sept. 7, 2:20 p.m. ET) — Nypro Kanaak Alabama, the joint venture between Nypro Inc. and Sealaska Corp., is using a $200,000 interest-free loan to buy new equipment, according to a company spokesman.
The company received the loan from the Alabama Municipal Electric Authority Capital Fund and has up to five years to pay it back. The fund is set up by AMEA, a wholesale electric supplier, and can be used to help cities work with companies to retain or expand business.
Nypro spokesman Al Cotton said the loan was announced Sept. 6, but he did not disclose what type of machinery the JV will purchase. He said the Dothan plant is one of company's smaller facilities and has about 100 employees. It is engaged in packaging.
The company had leased space from Sony Corp. and supplied that OEM. However, Sony closed its part of the facility in 2010, relocating its magnetic tape production back to Japan.
Clinton, Mass.-based Nypro remains as a tenant in the industrial park that is being developed in the Sony complex.