Albany, NY (August 2, 2011)
Governor Andrew M. Cuomo today announced that Advent Tool & Mold Inc., a leading manufacturer of molds and injection-molded components and assemblies for the medical and automotive industry, will expand its operations in the City of Rochester. Supported by an incentive package from Empire State Development (ESD) of $271,051 in Excelsior tax credits, the company was able to turn down alternatives in Colorado and China and will instead invest $2 million toward building expansion and equipment purchases that retain 170 current employees and create 30 new local jobs.
Advent will use the $271,051 in Excelsior tax credits distributed over a five year period to construct a 26,500 square foot addition to its existing 53,000 square foot production plant in the Holleder Technology Park. Advent's building expansion will include clean room space required for many of the components it produces for the medical market, as well as space for additional molding and assembly work. Construction is slated for completion fall 2011.
"By maintaining and growing a vital source of employment and economic opportunity, this project sends a clear message that New York is open for business and well positioned to harness our local assets to stimulate the economy and create jobs," Governor Cuomo said.
Advent Vice President Jim Murphy said, "The Excelsior Jobs Program is an excellent example of how government and industry can work together to create valuable manufacturing jobs and allows us to expand in Rochester and continue to provide highly engineered solutions to our customers."
ESD President, CEO & Commissioner Kenneth Adams said, "Investing in a strong manufacturing industry is essential to rebuilding an Upstate economy that gets New York working again. Advent provides its customers with complete engineering solutions and uses the latest technologies available in the marketplace. With our support and their extraordinary work, I am confident the company will remain a key contributor to the local economy for years to come."
Advent will need to reach the specific project investment and hiring goals before the company can claim these credits. Also participating in the effort to retain Advent was the City of Rochester and Monroe County.
Senator James Alesi said, "As Chairman of the Senate Committee on Economic Development, I am keenly aware that the retention and creation of jobs in Upstate New York is vital to our economic recovery. I am pleased to join Governor Cuomo in hearing that Advent is expanding their operations here in Rochester, and investing in our community by creating 30 new jobs."
Assemblyman Joseph Morelle said, "Advent's world-class facility in Rochester is just another example of the progress we are making to attract and retain good companies in the region. The fact that the state was able to support this project bodes well for the manufacturing sector in Upstate New York."
Monroe County Executive Maggie Brooks said, "Advent Tool and Mold is an incredible example of how incentives can positively impact and strengthen a local economy. Monroe County is a proud partner in this $2 million investment project that creates and retains highly skilled jobs in our community."
Mayor Thomas S. Richards said, "Advent Tool & Mold was founded in Rochester and was one of the charter companies in the Holleder Technology Park. Advent has helped us maintain a strong manufacturing base in that part of the city and their latest expansion will have a multiplying effect on our economy. It is particularly gratifying to witness the growth and success of a company with such deep ties to our community. It is not surprising that this company is being courted heavily by other regions, so we are fortunate that Governor Cuomo's office is committed to providing the support they need to stay in Rochester and continue providing jobs here."
Empire State Development is New York's chief economic development agency and administrator of the statewide business resource portal New York First (www.NYfirst.NY.gov). ESD is committed to being recognized on a global scale as the economic development engine driving job growth, strategic investment and prosperity in New York State. ESD is intent on paving the way for New York State to become the leader of the innovation economy and one of the most business friendly, productive and competitive economic development climates in the world. ESD also oversees the marketing of "I LOVE NY," the State's iconic tourism brand. For more information on Empire State Development, visit www.esd.ny.gov.