Kingsbury Inc. (USA; website), the Philadelphia-based manufacturer of precision specialty fluid film bearings, is seeking $3 million for its Oshkosh Division facility in Oshkosh, Wisconsin [website] to upgrade production equipment there.

Kingsbury's product line includes a wide array of babbitted fluid film thrust and journal bearings for all types of rotating machinery and heavy equipment, from hydroelectric plants to steam turbines, gas turbines, and compressors. Kingsbury also repairs and services its products, including those of Siemens and Alstom, via the Repair and Service Division.

The company approached the Oshkosh Common Council to approve the issuance of $3 million in tax-exempt Industrial Development Revenue Bonds 5251R9N7. Kingsbury will be responsible for servicing the debt, but hopes the bonds will offer a a lower interest rate than standard commercial loans for the same projects.

Kingsbury employs approximately 120 people in its Oshkosh plant; no specific commitments were made for the employment impact.

The $3 million requested would be spread across 2009 and 2010, with $1.2 million in new equipment targeted for 2009 and the other $1.8 million for capital expenditures later in 2010.

Details of the bond issue are here:

Oshkosh Common Council 09-461