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Energy Equipment Manufacturer Investing $25M in New York

Dresser-Rand, a manufacturer of compressors and turbines for the oil and gas industry, will invest $25 million to expand its campus in Olean, New York. The investment will be divided between the construction of a new technology center and the development of a testing facility for an integrated compression system. The project will allow the company to retain 200 existing engineering and technology positions in the region and hire approximately 120 additional employees. The testing facility is expected to be operational later this year, with the technology center opening in early 2009. Incentives offered to Dresser-Rand include a $2 million grant and up to $8 million in tax credits over a multi-year period.

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