OLEDWorks Invests $73.6 Million To Expand In Rochester, New York
06/10/2015
The firm, which uses organic light emitting diode technology, is nearing completion of its development phase and is entering the first phase of manufacturing where it expects to manufacture significant quantities of lighting devices.
OLEDWorks CEO David DeJoy said, “Rochester, where many of the OLED pioneers reside, is uniquely positioned for OLED lighting manufacturing. OLEDWorks is committed to investing in low cost production technology and anticipates creating new jobs as demand grows.”
As an incentive, Empire State Development will provide up to $2.5 million in performance-based Excelsior Jobs Program tax credits in return for job creation and investment commitments. If OLEDWorks did not receive financial support from New York State, it would have been difficult for the company’s management team to continue its’ commitment to increase the manufacturing base in New York State.
Empire State Development President/CEO/ Commissioner Howard Zemsky said, “Companies like OLEDWorks truly capture the innovative nature of the Greater Rochester economy. Their expansion will bring with it tens of millions of dollars and more than 100 new jobs and is a big win for the community.”
“It’s fitting that OLEDWorks is choosing to stay and expand its one-of a-kind manufacturing operation in Rochester, the birthplace of this technology," Governor Andrew Cuomo said. "We are proud to support this company -- a true New York success story that is leading the way in developing this exciting new field."
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