Momentive to Build $81M of New Facilities in Upstate NY
- Jul 14, 2008
Momentive Performance Materials Inc., a major producer of silicones, plans to move its headquarters from Wilton, Conn., to Rensselaer County, N.Y., and build a new $65 million technology center and a $16 million headquarters building there. And depending upon actions taken by the state government in Albany, Momentive may undertake a series of major improvements at its manufacturing plant in Waterford, N.Y. While the company continues to review possible sites, officials expect construction on the technology center to begin next year with the headquarters building to follow. Meanwhile, an Albany office building will serve as the firm’s interim headquarters. The construction work will generate 150 jobs in the region. When the new headquarters and technology center are completed, the two facilities will employ 250 people. New York State and Rensselaer County have assembled an attractive package of benefits for Momentive. Among these are $6.5 million in capital grants to help in the construction of the technology center and headquarters, plus upgrades to existing infrastructure at the company’s manufacturing plant in nearby Waterford. In addition, New York State recently passed legislation making a technical correction to the state’s Empire Zone economic development program. The correction will enable the Momentive plant in Waterford to apply for Empire Zone benefits that will help the facility be globally competitive while supporting jobs in the region. If the Governor signs the legislation and the Commissioner of Economic Development then approves Momentive’s application for an Empire Zone designation, the company has indicated an intention to spend another $150 million in capital projects at the Waterford plant over five years. New York State’s Empire Zone program provides state tax incentives to attract new businesses and to enable new businesses to expand and create more jobs. To date, the program has certified more than 9,800 Empire Zone businesses employing more than 380,000 people in 82 Empire Zones across the state. To gain an Empire Zone designation, companies must locate in an empire zone or become zone certified by undertaking a significant project. To receive certification, companies must demonstrate that they will create new jobs and make investments in the Empire Zone and be consistent with the local Zone’s development plan. According to Momentive, the Empire Zone designation will be worth approximately $40 million to the company over ten years.