Moley Magnetics Reshores Jobs From Italy to Lockport, New York
John Moley, President, Moley Magnetics, Inc. said, “Bringing this production back to New York is an important priority for Moley Magnetics. We look forward to expanding in Lockport, adding jobs, and continuing to provide the best quality customer service possible.”
The $2.1 million project includes the purchase and renovation of a building adjacent to Moley Magnetics current location in Lockport. The project also involves the purchase of new machinery and equipment, as well as furniture and fixtures which will allow the company to diminish Italian operations and bring 41 new full-time employees to Niagara County by June 20, 2020.
As an incentive Empire State Development will provide up to $900,000 in performance-based Excelsior Jobs Program tax credits in return for job creation commitments. If ESD did not incentivize this project, the company would not be able to reduce production in Italy and continue to grow in Lockport.
“By leveraging investments in manufacturing and technology, we’re expanding economic opportunity and bringing jobs back to the region,” Governor Andrew Cuomo said. “This investment will further strengthen Western New York's economy and further cement the region's reputation as a hub for smart economic development.”
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