Indium Corporation Plans $10 Million expansion In Northern New York State
"We are excited to continue our expansion in Oneida County," said Indium Corporation Director of Marketing Communications Rick Short. "Our sophisticated technology products are well suited to the area's educated and capable work force." The firm is making extensive renovations to the former ConMed building on Success Drive.
Indium Corporation manufactures advanced assembly materials and supplies them to the solar photovoltaic, thin film, optical fiber, battery, flat-panel display, thermal management, semiconductor and electronics industries.
Empire State Development approved incentives totaling more than one-million-dollars to persuade the manufacturer expand in northern New York State, where it will create an estimated two dozen full-time jobs and retain 320 employees.
"Governor Andrew Cuomo has made it a priority to support the growth of our existing businesses as we work to rebuild New York," said Empire State Development President, Chief Executive Officer and Commissioner Kenneth Adams. "Indium's investment is critical to the area's economic sustainability, and will mean the creation of two dozen jobs and the retention of the more than 300 employees already working in Oneida County. We are pleased to assist the company as it continues to build its successful operation in New York."
As an incentive Empire State Development will provide the company with a $347,939 grant to offset the cost of the purchase of new machinery and equipment, as well as $652,061 in Excelsior Jobs Program tax benefits over five years, which will total $1 million in state assistance to support this project. In addition to ESD's assistance, the city of Rome provided Indium with a $100,000 loan. The Oneida County Industrial Development Agency also granted a 10-year property reduction, along with other tax reduction incentives.
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