We anticipate that in the first year after the new production facility comes online, we will create approximately 500 jobs in L.A. County. And since we are a global company, this project will also have a positive economic impact around the world.
Los Angeles, CA (PRWEB) November 3, 2010
ACAT Global LLC, a leader in clean air technology for emissions control, has received approval from the County of Los Angeles for a $33 million allocation of Recovery Zone Bonds for use in creating a large production facility in Southern California.
ACAT Global manufactures and markets an advanced line of catalytic converter substrate cores made of stainless steel alloy foil. Utilizing patented technology and relying on unique and proprietary construction and assembly techniques, ACAT produces compact, lightweight and durable catalytic monoliths for pollution reduction in a wide range of combustion engine applications.
ACAT Global’s $33 million proposal was among eight approved by the L.A. County Board of Supervisors for Facility Bond allocations in the amount of $214.7 million. Los Angeles County received a total allocation of $271.5 million in Facility Bonds authorization, which under present law must be issued no later than Dec. 31, 2010.
Following a private-activity bond sale, upgrades to an existing manufacturing plant will begin in the first quarter of 2011, according to the company.
“We anticipate that in the first year after the new production facility comes online, we will create approximately 500 jobs in L.A. County,” said Leisa Cuddy, ACAT director of communications. “And since we are a global company, this project will also have a positive economic impact across the nation and around the world.”
The selected site for the facility has been narrowed down to a few prime candidate locations in Los Angeles County, according to Cuddy.
“Right now, all we can say that the plant is in L.A. County in the recovery zone,” she said. “We are considering a ‘green’ development, which for the time being has caused us to postpone making our final decision."
Recovery Zone Facility Bonds are a new type of tax-exempt private activity bond created by the American Recovery and Reinvestment Act (ARRA), passed by Congress in February 2009. As part of the Obama Administration's efforts to stimulate economic growth and jumpstart the availability of financing critical for economic recovery, the U.S. Treasury Department announced in 2009 the availability of $25 billion in bonds authority under the Recovery Zone Bonds program. The bonds may be used to finance certain kinds of business development activities in areas of significant economic distress. There is no federal subsidy with the facility bonds, which are tax-exempt and can be issued by the county and the funds loaned to private borrowers developing projects within the recovery zone.
In January 2010, the Los Angeles County Board of Supervisors designated the entire county as an economically-distressed “recovery zone,” which paved the way for the board to issue hundreds of millions of dollars worth of bonds to fund an array of projects. In addition to $271.5 million in facility bonds, Los Angeles County’s allocation is nearly $181 million in economic development bonds.
About ACAT Global
ACAT Global LLC has a deep commitment to research and development, and is exploring partnership opportunities with various progressive companies to bring about industry-changing solutions to emissions challenges. ACAT’s patented technology capitalizes on aggressive emissions policies worldwide and in North America as set by both the EPA and the California Air Resources Board (CARB).
ACAT Global’s converter substrate technology was originally developed by Delphi Corp. and its former parent General Motors, from whom ACAT acquired all technology and full-scale manufacturing rights in 2009. GM/Delphi invested an estimated $475-$500 million during an 18-year period to bring the technology to the point of full commercialization. As such, components produced via the manufacturing processes acquired by ACAT have passed GM’s durability and efficiency protocols.
Contact Leisa Cuddy, ACAT Global Director of Communications, at Ph: 949-235-7576; Email: leisacuddy(at)acatglobal(dot)com. Web: http://www.acatglobal.com
Rodheim Marketing Group