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Plasan USA, Inc.Direct Loan Program
Bennington’s Plasan USA, Inc. is the first U.S. manufacturing subsidiary of the Israel-based company, Plasan Sasa, Ltd. For over twenty years, Plasan Sasa has designed and manufactured lightweight Kevlar and composite armor protection products for military and civilian applications.
With $1.35 million in VEDA financing, and additional financing from Chittenden Bank, Plasan USA was able to acquire the Automotive Division assets of Vermont Composites, Inc. (VCI), a VEDA-financed carbon fiber product manufacturer and contract supplier of carbon fiber automobile parts to General Motors. Since the purchase by Plasan USA and its investment in a new automated paint line, the Automotive Division has won several large new contracts with General Motors, Ford and Chrysler to manufacture lightweight carbon fiber composite parts for high-end sports cars.
Plasan USA’s employment levels at the Bennington facility have increased substantially, from 85 to over 250 positions since the company’s expansion project.
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For a limited time through the Economic Recovery and Opportunity Program (EROP), VEDA will offer the lowest rates in its history. Click here to learn more
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