EDA-ASSISTED COMPANY RECOGNIZED FOR SUCCESS
Titanium Industries Receives Morris County EDC Business Expansion Award
Titanium Industries of Rockaway New Jersey was the recipient of the Business Expansion Award presented by the Morris County Economic Development Corporation at their annual Partnership in Economic Development luncheon on May 4, 2007.
With financing assistance from the New Jersey Economic Development Authority (EDA), Titanium was able to double the size of their corporate operations in 2006 by relocating to a larger facility in Rockaway, New Jersey. The $3.9 million tax-exempt bond will allow the company to further expand its production capability and create 15 new jobs.
Titanium Industries is a manufacturing distributor of titanium mill products, nickel alloys, and other high performance materials. In addition, Titanium works with customers to provide an analysis of their titanium product consumption on an ongoing basis.
The EDA is authorized to issue tax-exempt bonds under the federal Internal Revenue Code to help a wide range of manufacturing businesses, not-for-profit organizations, assisted living facilities and exempt public facilities borrow money. Bonds are sold in the public marketplace or purchased directly by a bank or other financial institution on behalf of the borrower. There is no financial exposure to the EDA or to the State of New Jersey.
Interest income earned by purchasers of tax-exempt bonds is exempt from both federal and state income taxes. These savings are passed on to the borrower in the form of a lower interest rate.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support, entrepreneurial training and real estate development activities.
Additional information about Titanium Industries can be seen by visiting www.titanium.com.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.
