Empire State Development’s Board of Directors met today (April 17) in New York City and approved funding totaling $3,250,000, pledging to create 18 new jobs and retain 1,257 existing jobs in New York State. The funding will leverage over $29 million in investments across the state.
“Today’s action shows we are continuing to leverage private investment and optimize limited state resources to retain and create much-needed jobs across the state,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “Every day companies are choosing to make substantial job-creating investments in our communities instead of leaving the state, proving that New York is truly Open for Business.”
The board has approved three Economic Development Fund grants including one in Fulton:
Huhtamaki, Inc. – $500,000 (Fulton)
Huhtamaki, Inc., a multi-national company that produces consumer packaging products used in food, beverage, retail, and other non-food industries, has purchased and installed new flexographic printing machinery and equipment to increase production capacity, add efficiency, and reduce waste.
The Fulton facility produces a variety of paper cups, containers, and container lids for the frozen desert and food industries, including for major customers such as Nestle, Hershey, Friendly’s, Starbucks and Wegmans.
The grant will be used to help offset the cost of new machinery, without which the Fulton business would not grow and would continue to lose business to competitors, all of whom are located outside of New York State. The project will retain 631 jobs.
Total project cost is $6.2 million.
The next meeting of the ESD Board of Directors will tentatively be held the third week of May at a location to be announced closer to the time of the event.
Empire State Development is New York’s chief economic development agency (www.esd.ny.gov).
Its mission is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the state and its municipalities and achieve stable and diversified local economies.
Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I Love NY,” the State’s iconic tourism brand.
For more information on Regional Councils and Empire State Development, visit www.nyworks.ny.gov and www.esd.ny.gov