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Media Contact:
Dennis Brobston, President
Saratoga Economic Development Corporation
(518) 587-0945, dbrobston@saratogaedc.com

Retention of Advanced Manufacturing Jobs a Priority for SEDC to Advance Saratoga

PROMOTE. RETAIN. GROW.

Saratoga Springs, NY– Saratoga Economic Development Corporation (SEDC) is leading an incentive application to the Saratoga County IDA to bolster Espey Manufacturing & Electronics Corporation’s investment in new products to serve the US Department of Defense. The nearly $5.3 million upgrades will permit development of power transformer and generation technologies needed in support of the defense systems. The expansion will help diversify the Company’s product offerings and improve retention of 144 existing local employees. 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 advance their competitive position and retain the jobs and wages they create in our communities,” said Dennis Brobston, President, SEDC. “Our Advance Saratoga initiatives to retain and grow jobs put a high priority on our existing valued employers. We are proud to have Espey here bolstering our nation’s systems for our defense. It is important we help them stay competitive and put people to work innovating and building future products.”

Publicly traded Espey Manufacturing & Electronics Corporation 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 on it and adding power generation technology that can adapt to the defense conditions and environments is key to diversifying their product sales and revenue.

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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. Just this year, SEDC has helped stimulate over $50M in new investment creating over 426 jobs, retaining 201 jobs and generating over $23 million in local employee wages per year.