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Governor Wolf Announces New Funding to Prepare Northwest Pennsylvania Students for Manufacturing Careers

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first_img May 23, 2019 Education,  Jobs That Pay,  Press Release Harrisburg, PA – Today, Governor Tom Wolf announced the approval of new funding for the West Middlesex Area School District to provide students with the skills they need to attain family-sustaining manufacturing careers after they graduate. The grant will come from Governor Wolf’s Manufacturing PA initiative.“Strengthening our workforce can only happen when we look at every stage of a Pennsylvania worker’s life – even before they graduate high school,” Governor Wolf said. “West Middlesex Area School District’s program is vital for getting students engaged with manufacturers and setting them up for successful manufacturing careers when they graduate. We’re proud to support a program like this that will bring young workers into the manufacturing workforce in Northwest Pennsylvania.”The $105,731 grant will support the school district’s manufacturing co-op program that pairs students with local manufacturing companies. Students will gain working experience with the manufacturer, and upon graduation from the co-op program, will be offered a position within the company. For the first few years of the program, the school district plans to enroll five students each year, with the goal of increasing that number in the future. By providing students with key skills and working experience and placing them directly in the manufacturing workforce, this program will help bridge the age and skills gap facing many manufacturing businesses in Northwest Pennsylvania.“The West Middlesex School District is thrilled to receive this financial support to assist our graduates in finding employment in our region with local manufacturing companies,” said Emily Clare, principal of West Middlesex Area School District. “We look forward to building partnerships that will help us revise curriculum to meet the needs of the local workforce. Thank you to the DCED for believing in our project; we are excited to get started.”The Pennsylvania Manufacturing Training-to-Career grant is designed to provide funding for training programs to help unemployed and underemployed individuals, as well as those with barriers, to gain the skills they need to gain employment in the manufacturing sector. Eligible applicants include technical and trade schools, universities, and nonprofit organizations that develop new and innovative training programs and partner with two or more manufacturers.The Training-to-Career grant is part of Governor Wolf’s Manufacturing PA initiative that was launched in October 2017. This initiative ensures that training leads not simply to any job, but to careers that provide higher pay and opportunities for advancement. Working with DCED’s strategic partners, including Industrial Resource Centers (IRCs), Pennsylvania’s colleges, universities, technical schools, and non-profit organizations, this initiative fosters collaboration and partnerships to accelerate technology advancement, encourage innovation and commercialization, and build a 21st century workforce.In the 2019-2020 Executive Budget, Governor Wolf proposed the new Statewide Workforce, Education, and Accountability Program (SWEAP) to provide workforce development opportunities for Pennsylvanians from birth to retirement. SWEAP will expand access to early childhood education, increase investments in schools and educators, and further partner with the private sector to build on the PAsmart initiative. Through SWEAP and PAsmart, the governor is calling for an additional $4 million to help Pennsylvania manufacturers train workers and $6 million to expand career and technical education for adults.For more information about the Wolf Administration’s commitment to manufacturing, visit the Department of Community and Economic Development (DCED) website or follow us on Twitter, LinkedIn, Facebook, and YouTube. Governor Wolf Announces New Funding to Prepare Northwest Pennsylvania Students for Manufacturing Careerscenter_img SHARE Email Facebook Twitterlast_img read more

ATP to cut venture capital, shut New York office in strategy shift

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first_imgATP Private Equity Partners (ATP PEP), the private equity unit of Denmark’s giant statutory pension fund ATP, is to close its New York office and stop investing in venture capital as part of an investment strategy overhaul.The shift is mainly a result of the DKK767bn (€103bn) pension fund’s changing priorities under chief executive Christian Hyldahl, who took the helm a year ago.Hyldahl has increased ATP’s focus on transparency, with responsible ownership and tax issues being brought to the fore in the last few months.In a press release announcing the final close of its ATP PEP VI fund at €800m, the private equity unit said: “In conjunction with the closing of fund VI, an adjustment of the investment strategy, the investment process as well as the organisation has taken place.  “The changes are a reflection of a desire to reduce complexity and costs as well as working closer with our selected general partners to ensure that ESG and tax matters are in compliance with ATP’s policies.”With this sixth private equity fund, ATP has changed the types of investments to be included, as well as the geographical focus and ticket size of the individual investments.Whereas previous funds have invested in venture capital, buyout and distressed funds, portfolios will in future only target buyout and distressed funds.Geographically, portfolios have in the past included investments in Europe, North America and “rest of world”, but the sixth fund will in vest in just Europe and North America.“As a consequence of changes to the investment mandate and focus for ATP PEP VI, it has been decided to unite all resources in one office in Copenhagen going forward,” ATP PEP announced.Torben Vangstrup, managing partner at ATP PEP, told IPE that this meant the firm’s New York office – opened in 2007 – would be wound down over the next six months with the five Danish team members being offered the opportunity to relocate to the firm’s office in Gothersgade, central Copenhagen.“With the strategy change, it is less obvious why we should have an office there,” he said. “It is less complicated just having a single office, and having the team in one place also makes sense from a cost point of view.”The strategy move was primarily about reducing complexity, he explained. However, Vangstrup also said that, from a risk-return perspective, the venture capital allocations had not lived up to what was expected.“Venture capital has given positive returns, but buyout and distressed have produced higher returns – however the overall average annual net returns since 2002 still stands at 12.5%,” he said. “Finally, we have not been able to find enough interesting venture fund investment opportunities.” Source: ATPATP’s office in Hillerød, Denmarklast_img read more