After a two-alarm fire in June tore through part of Plastics Consulting and Manufacturing Co. Inc. in Camden, N.J., operators of the fluoropolymer coatings applicator considered relocating to Philadelphia.
PCM would have taken 20 jobs with it across the Delaware River.
However, the New Jersey Economic Development Authority stepped in with 10 years of tax credits totaling $3.92 million for the company that was founded in 1962 as a DuPont-licensed industrial applicator specializing in Teflon, Halar and Kynar protective coatings.
Now PCM is staying put and looking at adding eight jobs, thanks in part to the New Jersey Economic Opportunity Act (EOA), which went into effect in 2013 to reform the state's business attraction and retention policies.
The tax credits approved for PCM are part of the Grow NJ program. The incentives made the company's decision easier, according to PCM President Steven Schwartz.
“We chose to stay in Camden because of the incentives provided by the EOA and the efforts of the mayor and the people of the city to help us get back on our feet,” Schwartz said in a news release issued by the mayor's office after the project was approved.
PCM's incentive is among the smallest in terms of economic development funding for Camden. Still, it will allow the company to increase staffing and access capital to improve its facility, according to Mayor Dana Redd.
“While PCM could have easily gone across the river to rebuild their business after the unfortunate fire, the EOA once again allowed us to be competitive and ensure that a 52-year-old Camden company that employs Camden residents will remain with us for another 50-plus years,” Redd said in the news release. “I thank Mr. Schwartz for continuing to believe in Camden and her residents.”
The fire that sent flames through the roof of the rear of PCM about 4 a.m. June 20 appeared to be an accident caused by an older oven, a spokesman for the Camden Fire Department said. No one was hurt in the blaze. The fire damaged the production area and the company is in the process of rebuilding.