Empire State Development co-chair Pat Foye announced Thursday, Dec. 13, that Atlas Copco Comptec, a manufacturer of centrifugal compressors used in industrial applications, has agreed to invest $8 million to expand its testing facility and upgrade its manufacturing processes in Voorheesville.
The company will retain its 314 jobs and pledges to add 50 jobs in the next three years, according to an Empire State Development press release.
The $8 million investment tied to incentives will allow us to retain (and add new) workers, Mark Steven, the company’s general manager said.
Atlas Copco Comptec has agreed to a series of project milestones under which it will be eligible for a total of $700,000 in incentives from ESD, a $500,000 Manufacturing Assistance Program capital grant to be used as partial reimbursement for costs associated with the purchase and installation of machinery and equipment, and a $200,000 capital grant to be used as partial reimbursement for infrastructure and site work.
Under the agreement, Atlas Copco Comptec will receive the full amount upon reaching project targets set by Empire State Development. The targets must be reached before Jan. 1, 2011.
`Atlas Copco Comptec is very pleased our company has been granted these incentives for expansion in New York. The improvements as a result of this grant and our investment will contribute to the company’s competitiveness to business development and growth,` Steven said.
Voorheesville Mayor Robert Conway said he also is pleased with the expansion.
`It gives a tax advantage to Atlas Copco Comptec, and we want to encourage them to remain in the area,` Conway said.
`With the additional employees expected, it will definitely benefit the village,` he said. `Any time a manufacturer or company is strengthened helps us all.“
