Korean Firm Plans $70M, 160,000-SF Plant

FALLS TWP., PA-Osstem Co. Ltd., a Seoul, South Korea-based manufacturer of dental implants, has announced plans to build a two-building, 160,000-sf headquarters and manufacturing facility at the Keystone Industrial Port Complex. This will be Osstem’s first US operation.

Construction will take place in two phases over the next five years at an estimated cost of $70 million. Select Greater Philadelphia, a nonprofit organization dedicated to marketing the region; Bucks County officials, and the state were instrumental in obtaining Osstem’s commitment. Gov. Ed Rendell had included a $15-million World Trade PA initiative in the commonwealth budget this year, specifically to attract foreign investment.

The Department of Community and Economic Development’s Center for Direct Investment secured a loan of nearly $2.3 million through the Pennsylvania Industrial Development Authority and $300,000 in job training funds for the Osstem facility. It is expected to create 600 jobs; making it eligible to apply for a $10-million loan through Citizens Bank’s job bank program. The program provides low-interest loans to companies that commit to creating jobs in the state.