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ROUNDUP / BARBARA MURPHY

Bond Aids Gaiser Tool's Expansion as Firm Chooses to Grow in Region

March 18, 1997|BARBARA MURPHY

Gaiser Tool Co. of Ventura, a manufacturer of wire-bonding tools for the semiconductor industry, has been issued a $3.5-million Industrial Development Bond through the California Economic Development Financing Authority.

The funds will be used to complete the company's 44,478-square-foot expansion of manufacturing and office operations at its Ventura facility. When the project is completed in May, the additional operations are expected to create 62 jobs.

"The bond financing was critical to Gaiser's decision to [expand] in California," said Glenn Stober, director of the financing authority. "Increased sales and market share overseas have demanded larger company manufacturing operations [for Gaiser]." He said sales to Pacific Rim clients account for 75% of Gaiser's revenues.

A local team has worked with Gaiser since August 1995 to ensure that the expansion occurred in California. The Trade and Commerce Agency's Los Angeles office assisted in providing the bond financing; the Gas Co. and Southern California Edison crafted a competitive utility rate package; and the city of Ventura agreed to cover traffic mitigation and associated fees.

The company, which has 265 employees in California, had considered Spokane, Wash., for its expansion.

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