PRESS RELEASE - COMUNICADO DE PRENSA

Monday, October 22, 2012

Government incentives to help retain the island operation and manufacturing company jobs

Fajardo, PR - The Secretary of the Interior, Miguel Romero, representing the Governor of Puerto Rico, Luis G. Fortuño, today visited Peterpaul Electric Company, which managed to retain their operations on the island thanks to financial incentives from various agencies of the Government.
The activity took place in the vicinity of Fajardo Peterpaul in order to thank the efforts of the Government to safeguard the jobs of fifty employees and to rescue and stabilize the family business.

The Secretary, on behalf of the Governor, was pleased and honored by the appreciation. "Today we celebrate an achievement that has been the product of collaboration and mutual support that has existed between the government and small businesses in Puerto Rico. The example of Peterpaul Electric is one of initiative and action to provide assistance to a company with such a safeguard jobs on the island and maximize their growth potential for the benefit of our economy, "said Secretary who was accompanied by the Mayor of Fajardo, Anibal Melendez, the representative Johnny Mendez Mangiafico family, owner of Electric Peterpaul, and their respective employees.

"Despite the fiscal crisis that hit the island and the rest of the world in recent years, the brothers decided to go for Mangiafico Puerto Rico again. Thanks to the partnership between the Government and Peterpaul Electric, together we could rescue this company, stabilize it to maximize its development potential and, more importantly, ensure job security for fifty parents, "said Romero.

Although in 2011 the company received a generous offer from the state of Connecticut to consolidate its operations in that state aid granted by the Administration Fortuño, totaling about $ 1, 015.000, was substantial for the company opted to stay in the Isla, achieving stabilize and expand into new markets in Puerto Rico established his headquarters expansion to Latin America.

Meanwhile, Michael Mangiafico, President of Electric Peterpaul, expressed more than grateful for the support received from the Government of Puerto Rico. "This is a history of collaboration that should not go unnoticed, between a government that acts to help a local operation with a high growth potential. We have about 40 years in Fajardo and our desire is to continue here. Without the help of the Governor and his staff this would not have been possible."

The President was emphatic that "if the governor Fortuño had not intervened and led the rescue, Peterpaul be next to close their operations and not on track to expand our market and increase our contribution to Puerto Rico."

Peterpaul Electric Company, Connecticut based original, is a company dedicated to the manufacture of solenoid valves, electrically operated device used to control the flow of liquids or gases; required worldwide for industries such as transportation, energy, medical, pharmaceutical and food. The quality of manufactured valves Peterpaul allows this company to compete on an equal footing with much larger operations in places like China and major industries that prefer their products.

The secretary added that one of the commitments of this administration is to promote and encourage the purchase of products and services made in Puerto Rico. "The Board for Puerto Rican Industry Investment (JIIP) aims to support locally owned firms to encourage the creation of more and better jobs, and achieve maximize the development of the local economy. No need to buy abroad solenoid valves if here on Isla occur best. Seeing as this company was able to establish in Puerto Rico its hub expansion to Latin America finds that the initiatives promoted by this administration are paying off. "

Among the grants obtained by this company are of Puerto Rico Industrial Incentives Developing Company (PRIDCO), Workforce Investment Act (WIA, by acronym) and the Department of Labor incentives for the creation and retention of jobs.