Bedford Reinforced Plastics purchases former Cannondale facility

FOR IMMEDIATE RELEASE – April 4, 2008

Bedford Reinforced Plastics purchases former Cannondale facility

Building needed to meet demands of unprecedented business growth

Bedford, PA ---Bedford Reinforced Plastics today announces the purchase of the former Cannondale motorsports manufacturing facility at 2 Corporate Drive in Bedford Business Park I. The total project cost is in excess of $3 million.  BRP has applied for a $1.4 million low interest loan from the Pennsylvania Industrial Development Fund (PIDA).  Private financing has been secured by the company to cover the balance of the project.

“We are so excited about this opportunity that we can barely contain our joy,” stated Bradley Wise, controller, BRP. “This project has come about because of an unprecedented level of growth in our business.  Frankly, we have run out of sufficient space at out current facility on Reynoldsdale Road in order to meet the increasing demand for our products. We can’t wait to move forward with this expansion.”

Currently, the BRP plant is located on a 7-acre site near Cessna.  “This new facility on 24 acres will allow us the opportunity to start from the ground up and lay out the plant for optimum flow of raw materials and finished goods throughout.” Wise said.  “We just don’t have that luxury at our current location.”

Alan Frederick, chair of the board, Bedford County Development Association (BCDA), congratulated BRP for its growth and added, “We are very pleased that the BCDA has been able to assist Bedford Reinforced Plastics as it moves confidently into a prosperous future.  One of the most important things we can do for the economic health of Bedford County is to ensure that our homegrown businesses can expand and retain the very important jobs they have already created.”

The former Cannondale building is a 103,000 square-foot facility that can easily be expanded to 400,000 square feet.

“Our aggressive marketing strategies, together with a strong worldwide demand for alternative construction materials, have led to our growth,” Wise stated. “We will retain 229 family-sustaining jobs as a result of this expansion.”

BRP has invested heavily in its manufacturing capabilities over the past two years and its continued growth is a healthy sign for the company’s short- and long term future, according to Wise.