Governor Andrew M. Cuomo announced (July 9) that more than $18 million in economic development funding has been approved for 19 projects that are generating economic growth statewide. The funding, approved by Empire State Development’s Board of Directors, supports projects that are creating 403 new jobs and retaining 1,474 existing New York State jobs.
This funding will also leverage more than $490 million in private assets and other public funding to support local businesses and projects that are building a strong foundation for future economic growth and job creation.
“Through these targeted investments, we are leveraging millions in funding to support significant economic development projects, encourage continued business growth and create jobs in every corner of New York State,” Governor Cuomo said. “This funding is another example of our commitment to revitalizing the Empire State’s economy and ensuring that New York is truly open for business.”
“Governor Cuomo’s vision for economic development has led to strategic investments in key projects and initiatives that are boosting local economies and growing jobs statewide,” said Empire State Development President, CEO & Commissioner Howard Zemsky. “Whether we’re helping businesses expand and remain in New York, supporting the growth of key regional industries or bolstering regional tourism, the funding approved today is fostering economic opportunity across the state.”
Novelis (Central New York Region – Oswego County) – $5,000,000
Novelis Corporation, an indirect subsidiary of Novelis Inc., a global aluminum company, will use a grant of up to $5,000,000 to be used for a portion of the cost of construction, renovations and the purchase of machinery and equipment to construct and equip a 125,000 sq. ft. manufacturing building, and an 81,840 square ft. pre-engineered aluminum scrap facility at its Oswego plant.
Headquartered in Atlanta, Georgia, Novelis produces 17 percent of the world’s flat-rolled aluminum products and is the global leader in recycling used beverage cans.
The company has 25 operating facilities around the world in 11 countries and employs nearly 11,000 people. Its operation is divided into 4 regions: North America, Europe, Asia, and South America. The company operates 1. 6 million square foot recycling facility in Oswego, New York.
In 2011, Novelis notified ESD of its decision to invest $180 million within the Northeast region to expand its production capacity of sheet aluminum for the automotive market, designating the Oswego County plant as the preferred location for this investment.
To encourage the company to proceed with the expansion project in New York State and to reduce the costs, ESD provided an incentive proposal to the company for a $5 million capital grant, which the company accepted to help further expansion of its manufacturing operations in Oswego County.
This priority project is consistent with the Central New York Regional Economic Development Council’s plan to promote advanced manufacturing which serves expanding local and global markets.
As a result of this project, Novelis will retain 843 existing jobs and create 90 new jobs. The company has already created 90 new jobs.