Indium Corporation to expand, creating 24 new jobs
Empire State Development (ESD) has announced that Indium Corporation, a premier materials supplier to the global electronics, semiconductor, solar and thermal management markets, will invest $10 million to expand its manufacturing operations in Oneida County. The expansion will create up to 24 new full-time jobs and retain 320 employees in Oneida County.
"Governor Cuomo has made it a priority to support the growth of our existing businesses as we work to rebuild New York," said Empire State Development President, CEO & Commissioner Kenneth Adams. "Indium's investment is critical to the area's economic sustainability, and will mean the creation of two dozen jobs and the retention of the more than 300 employees already working in Oneida County. We are pleased to assist the company as it continues to build its successful operation in New York."
Indium Corporation manufactures advanced assembly materials and supplies them to the solar photovoltaic, thin film, optical fiber, battery, flat-panel display, thermal management, semiconductor and electronics industries around the world. The project includes the relocation and expansion of selected operations from Indium's facilities on Lincoln Avenue (Utica), including existing machinery and equipment, to 5836 Success Drive in Rome. The new facility will be renovated and adapted to fit Indium's growing needs.
"We are excited to continue our expansion in Oneida County," said Indium Corporation Director of Marketing Communications Rick Short. "Our sophisticated technology products are well suited to the area's educated and capable work force."
ESD will provide the company with a $347,939 grant to help offset the cost of the purchase of new machinery and equipment, as well as $652,061 in Excelsior Jobs Program tax benefits over five years, which will total $1 million in state assistance to support this project. In addition to ESD's assistance, the City of Rome provided Indium with a $100,000 loan.
City of Rome Mayor Joseph Fusco said, "We recognize that, in order for the City and Mohawk Valley Region to thrive, we need to adapt and respond to changes in the global economy. A targeted investment in Indium Corporation is an investment in the technologies that will rebuild America. Rome is a regional leader in the deployment of photovoltaics and cyber-engineering - the very same industries that count Indium Corporation as part of their critical supply chain. This project is in perfect alignment with our Regional Economic Development strategies and, more importantly, validates our sustainable approach to economic development in Rome."
New York State Senator Joseph Griffo said, "We're pleased that the State's economic development efforts remains focused on not only looking for new opportunities in growth industries, but staying true to the companies here in the region, here in my hometown, that have been with us and continue to grow. I thank Greg Evans and the other hard-working employees of Indium Corporation for their presence in our community. I also commend ESD CEO-Commissioner Ken Adams and Regional Director Kenneth Tompkins for working with Indium Corporation, for staying on track with the Governor's mission to spur the development of high-tech manufacturing Upstate."
New York State Assemblyman Anthony J. Brindisi said, "Indium Corporation is a point of pride in the Mohawk Valley since they are a leader in the production of materials used in the semiconductor industry and other high tech companies. It is always good news when the state makes an investment in a company which allows it to not only become more competitive, but also to add new jobs. The fact that Indium has chosen to expand here in the Mohawk Valley is a testament to the quality of the education system and the workforce in our region."
City of Rome 3rd Ward Councilor Kimberly Rogers said, "This is a very important project for the City of Rome. Smart growth, through job retention, job creation and the re-use of vacant buildings, is critical as we pursue financial stability in these very difficult economic times. We welcome Indium Corporation to the City and look forward to a long and successful partnership."
Indium Corporation is a premier materials supplier to the global electronics, semiconductor, solar, thin-film and thermal management markets. Products include solders, preforms, and fluxes; brazes; sputter targets; indium, gallium and germanium chemicals and sourcing; and Reactive NanoFoil®. Founded in 1934, Indium has global technical support and factories located in China, Singapore, South Korea, the United Kingdom and the United States.
Empire State Development (ESD) is New York's chief economic development agency. The mission of ESD 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.