MIDC Introduced RADA to the State and County
RADA Technologies, which produces electronics for the aerospace and defense industry, is planning a new headquarters in Germantown, including a research and development and manufacturing operation. The company will relocate to a 25,000-square-foot facility on Seneca Meadows Parkway in Montgomery County by the end of the year. As a result of the expansion, RADA Technologies plans to create 80 new high-tech jobs in Maryland by December 2023.
The Maryland/Israel Development Center introduced RADA Technologies to the Maryland Department of Commerce and Montgomery County Economic Development Corporation, who subsequently provided the company with a financial incentive package.
“Given the anticipated growth of RADA Technologies, we felt that being part of Montgomery County was the best decision to enhance our presence in the United States. We are thrilled to be part of a community that houses tremendous technology and the best talent, and to contribute to its economic development,” said Bill Watson, CEO of RADA Technologies LLC. “I want to thank everyone who took part in making this possible and those that are still working hard in building this cutting-edge radar manufacturing facility.”
RADA Technologies is the American subsidiary of Israel-based RADA Electronic Industries Ltd. After a founding period in Silver Spring, the company decided to stay in Montgomery County to expand and implement its growth plans in Germantown. RADA will invest nearly $4 million into this expansion project.
“We are proud that RADA Technologies chose Maryland for its U.S. subsidiary and now plans to expand and add jobs,” said Governor Larry Hogan. “For global companies like RADA, Maryland serves as an excellent gateway to the North American market, including the U.S. military.”
To assist with project costs, the Maryland Department of Commerce has approved a $300,000 conditional loan through Advantage Maryland, formerly the Maryland Economic Development Assistance Authority and Fund (MEDAAF). Additionally, Montgomery County is providing a $50,000 conditional grant in support of the project. The company is also eligible for state tax credits, including the More Jobs for Marylanders program and the state’s Job Creation Tax Credit.
Montgomery County Executive Marc Elrich said, “The decision by RADA Technologies to expand in our community was supported by a County-State partnership designed to assist this global company with its workforce, technology, and space needs. Their expansion is a testament to Montgomery County’s ability to help grow technology-based international businesses.”
“After only a year operating in Maryland, it’s exciting that RADA Technologies is growing to a new space and adding to their workforce,” said Maryland Commerce Secretary Kelly M. Schulz. “In addition to Maryland having 15 of the top 20 aerospace and defense companies, we also have a highly-educated workforce and proximity to many federal and military facilities which offers a unique advantage to companies like RADA Technologies.”
The Maryland/Israel Development Center, a joint program of the Maryland Department of Commerce and Israeli Ministry of Economy that promotes bi-lateral trade and economic development, introduced RADA Technologies to Maryland. “We are delighted that RADA is expanding in Germantown,” said Barry Bogage, executive director of the MIDC. “A Montgomery County location puts RADA in the heart of a thriving defense, homeland and cyber security industry cluster near the nation’s capital.”
To learn more about the company, please visit www.rada.com.
About
Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates
jobs by attracting new businesses, encouraging the expansion and retention of
existing companies, and providing financial assistance to Maryland companies.
The Department promotes the State’s many economic advantages and markets local
products and services at home and abroad to spur economic development and
international investment, trade and tourism. Because they are major economic
generators, the Department also supports the Arts, film production, sports and
other special events. For more information, visit commerce.maryland.gov.