Low-Cost Hydropower Allocation and Tax Incentives to Support 40 New Jobs and More Than $21 Million in Capital Investments at Canton Facility
Albany, NY (July 29, 2014)
Governor Andrew M. Cuomo today announced that Corning will receive a low-cost power allocation to support the creation of 40 jobs and a more than $21 million capital expansion project at its Canton facility in St. Lawrence County. The firm has been allocated 2.1 megawatts (MW) of power by the New York Power Authority (NYPA) and will add 30,700 square feet to accommodate additional storage and an increase in production of high-fused silica glass used by the semiconductor industry.
"Thanks to efforts like the State’s hydropower incentives, more companies are choosing to expand right here in the Empire State," said Governor Cuomo. "NYPA's low-cost energy allocations provide businesses like Corning with the support they need to grow their operations in New York, and the results are immediately felt by communities like Canton. This is yet another example of how Upstate New York is on the move.”
Corning is a world leader in specialty glass and ceramics and has locations in various parts of New York State. The company is planning to expand its Canton facility by 23,500 square feet to greatly increase production at the facility, which supplies microchips for computers, cell phones and other electronics. A 7,200-square-foot warehouse is also part of the project. Corning is planning a formal ceremony for next month to mark the start of construction on the expansion project.
The low-cost hydropower will be provided to Corning under a seven-year contract and is drawn from a block of St. Lawrence electricity known as Preservation Power. In addition to the new permanent jobs, which are already being added, the capital investments by the company are expected to support dozens of temporary construction jobs. Empire State Development (ESD) is providing the company $750,000 in Excelsior Jobs Program tax credits to assist with the job creation project.
Corning’s Canton facility receives a 2.2 MW allocation of ReCharge NY power, which was approved by the NYPA trustees in April 2012 in exchange for the firm’s commitment to retain its nearly 200 positions. ReCharge NY is a statewide program to provide lower cost power under legislation spearheaded by Governor Cuomo and is linked to more than 380,000 jobs.
Gil C. Quiniones, President and Chief Executive Officer of NYPA, said, “The St. Lawrence-FDR power plant is crucial for economic development in Northern New York. It’s a top priority for NYPA to utilize its low-cost hydropower in ways that will yield the greatest results and Corning’s commitment toward the creation of 40 high-paying jobs in the region is exactly that—a great result.”
Eugene L. Nicandri, a NYPA Trustee, said, “Corning’s decision to expand its operations in Canton is certainly great news. It is a perfect marriage when St. Lawrence hydropower creates jobs in the North Country.”
Kenneth Adams, ESD President, CEO & Commissioner, said, “ESD’s support of this project, in conjunction with NYPA’s low-cost power allocations, will provide a boost to the North Country economy by helping Corning make this investment and create these new jobs. Having a global company, such as Corning, choose to expand its existing facility is a testament to the unique assets of the region and the talented local workforce.”
Patrick Jackson, Director of Corning’s Global Energy Management, said, “This allocation by NYPA will reduce Corning’s energy cost, which is a major expenditure at the Canton plant. In addition, ESD’s support for this project is a strong job-creation incentive. On behalf of Corning, I’d like to thank Gil Quiniones, the NYPA Board of Trustees, Ken Adams, Empire State Development, and Governor Cuomo for considering our company. It is programs like this, under the guidance of the Cuomo Administration, that encourage job growth and make New York a great place to do business.”
Under State law, allocations of power to Northern New York businesses from the St. Lawrence hydroelectric facility are for firms in Franklin, Jefferson and St. Lawrence Counties. The electricity is provided at a price that is currently 40 percent less than the wholesale market price in the region. Preservation Power allocations currently support hundreds of jobs in St. Lawrence County.
Senator Joseph Griffo said, “I'm pleased that Corning has committed to growing its St. Lawrence County operations. Its $21 million capital improvement will positively impact our local construction-related businesses, and its commitment to create 40 additional jobs will provide a new economic benefit to those workers, their families and the Canton region.”
Assemblywoman Addie Russell said, “It is fantastic that such a well-established business in the North Country is primed to expand and that preservation power is being utilized to create much needed jobs. Corning’s cutting edge technology, its talented work force and partnership with the State and NYPA, is a winning combination. I applaud the hard work of Corning and its decision to expand in the North Country and appreciate the work done to ensure that it has the resources it needs to be successful.”
Assemblyman Ken Blankenbush said, “I am pleased that because of our energy programs, Corning, Inc. is able to expand operations and create new jobs here in St. Lawrence County. It is encouraging to see the positive impact this program has on our region and how it is helping to revive our local economy.”