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Silicone Manufacturer Moving Headquarters to New York

07/21/2008
Momentive Performance Materials Inc., a manufacturer of silicone and silicone derivatives, will build a new global headquarters and technology center in Rensselaer County, New York, at one of several sites currently under consideration. The total investment for the project is expected to be approximately $76 million. Company officials say they will first construct the technology center beginning in 2009 and build the headquarters upon completion of the tech center. Approximately 150 new positions will be created at the new campus, with additional employees expected to relocate from the company's current headquarters in Connecticut. The company already operates a manufacturing facility in Waterford, New York. Incentives offered to Momentive include $6.5 million in capital grants for construction of the new facilities and existing infrastructure upgrades at the company's Waterford facility. Additionally, the Waterford facility has been designated as an Empire Zone, which allows the company to qualify for various tax benefits.

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