The BDC will begin negotiations with the more than century-old firm, which makes polyurethane foam and nonwoven materials.
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Burnett has plants in Jessup as well as in North Carolina and Arizona. Its combined operations with STX employ more than 400 workers, including 60 in Baltimore.
M.J. "Jay" Brodie, BDC president, said Wednesday that the selection of Burnett would allow one of the city's oldest and most successful businesses to grow.