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Volvo To Receive $1M Loan For Plant Upgrade

Maryland Department of Business and Economic Development and Washington County will lend $1 million for an engine-block machining line at its plant near Hagerstown.

HAGERSTOWN, Md. (AP) -- Maryland and Washington County expect to lend a total of $1 million to Volvo for an engine-block machining line at its plant near Hagerstown.

The deal was announced Thursday. It comes a week after Volvo Powertrain North America publicized plans to invest $50 million in the new engine-line operation.

The company says it will create about 50 jobs at the Washington County plant.

The Maryland Department of Business and Economic Development will lend $900,000 to Volvo, and Washington County will lend $100,000.

County Administrator Gregory B. Murray says the County Commissioners probably will take a formal vote to approve their part of the loan in the next few weeks.

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