$656K 10-year Savings Helps Retention of 144 Advanced Manufacturing Jobs
FOR IMMEDIATE RELEASE
June 12, 2017
Dennis Brobston, President
Saratoga Economic Development Corporation
(518) 587-0945, email@example.com
Saratoga Springs, NY — Saratoga Economic Development Corporation (SEDC) led the effort to secure a 10-year manufacturing PILOT incentive valued at $656,358 to boost the Espey Manufacturing & Electronics Corporation (Espey) $5.26 million investment in plant upgrades. The Saratoga County IDA approved the incentives today. The investments by Espey in power transformer and generation technologies needed in support of the US Department of Defense and military branch systems will support retention of 144 local jobs. Espey’s average wages are over $62,000 per year (as compared to $53,000/year in the Capital Region average for manufacturing sector, NYSDOL).
“We are focused on helping our local manufacturers compete to retain and grow jobs and wages in our communities,” said Dennis Brobston, President, SEDC. “Our Advance Saratoga initiatives prioritize retaining existing valued employers to innovate and grow here. We are proud Espey continues to develop improved products and technologies to support our nation’s defense systems. These investments will help expand plant employee hours and wages to deliver competitive additional product innovation. We are grateful for the positive collaboration with our Saratoga County IDA partners that has helped keep local jobs and wages growing here.”
Espey has been a longtime employer and manufacturer in Saratoga County. The ability to transform electric energy powering radar, sonar and other critical equipment for defense and commercial uses has been a hallmark of its history. Expanding to update power generation technology that can adapt to the defense system conditions and environments is key to diversifying their product sales and revenue.
About Saratoga Economic Development Corporation (SEDC)
SEDC is a fully private investor led, non-profit consulting firm established in 1978 that works to retain existing businesses, while stimulating new investment to create more jobs in Saratoga County and the Capital Region of New York. SEDC is the premier economic development agency in Saratoga County and its mission is to create jobs, diversify the tax base and improve the quality of life for residents. SEDC accomplishes this through the retention of existing business, attraction of new industry, and improvement of overall competitiveness. For nearly four decades SEDC has been instrumental and continues to work with over 300 employers like Ball Metal Container, QUAD/Graphics, State Farm Insurance, Target and Ace Hardware distribution warehouses and the development of the Luther Forest Technology Campus (LFTC) which lead to the attraction of GlobalFoundries. In its history, SEDC has worked to bring over 17,500 jobs to Saratoga County and over $15 billion in capital investment. In 2016 alone SEDC helped attract over $50M in new investment creating over 426 jobs, retaining 201 jobs and generating over $23 million in added local employee wages per year.