Investment Complements “Finger Lakes Forward” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy
Empire State Development (ESD) announced today that Magnatag is expanding its worldwide manufacturing operations in Wayne County. The custom white and magnetic board manufacturer will add machinery and other equipment at its facility in the Town of Macedon to better serve its clients, adding up to 16 new jobs;42 jobs will be retained. ESD is assisting the the company with its continued growth by providing up to $200,000 through the Excelsior Jobs Tax Credit Program. The Wayne County Industrial Development agency is also supporting the project.
Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis said, “New York is committed to supporting the growth and success of innovative, high-tech manufacturers. The expansion of Magnatag’s Wayne County operations will allow this family-owned business to service more global clients, while creating top quality jobs that will help to fuel the Finger Lakes regional economy.”
Magnatag President Christian Krapf said, “This expansion will dramatically improve the quality of our product, opening doors to new markets while providing greater value to our current customers. We are very grateful that New York State was willing to help us grow and keep our business here in the Finger Lakes Region.”
Founded more than 54 years ago, Magnatag offers over 2300 ready-to-use white and magnetic board kits and other related products for all-purpose job and task-specific uses. The company’s global clients include factories, hospitals, schools, corporate offices and the military. Now underway, the first stage of a larger planned expansion, to be completed in the next 3 to 4 years. The first stage project cost has been placed at $601,000.
Senator Pam Helming said, "Magnatag is an innovative small business contributing to the economic diversity and vitality of the Finger Lakes. I thank Magnatag for its continued investment and congratulate President Christian Krapf and the Magnatag team on this expansion that will create more good jobs in Wayne County."
Assemblyman Brian Manktelow said, “This is exactly what we need coming out of a pandemic, a state and county partnership supporting a local business. I applaud the Empire State Development for their steadfast commitment to businesses in Wayne County. A special thank you to Magnatag President Christian Krapf and the employees for the continual growth and development of themselves and the company. This is a company that will continue to provide dependable and substantive job opportunities for years to come.”
Macedon Town Supervisor Kim Leonard said, “We could not be happier that Magnatag chose Macedon and Wayne County as their home and wish them continued success. We look forward to welcoming new employees and know they will realize what a great place Macedon, Wayne County is to work and live. Our region is so very blessed to have the “Finger Lakes Forward” program working hand-in-hand with other local, county and state agencies, revitalizing communities leading to continued economic growth.”
Wayne County Industrial Development Agency Director Brian Pincelli said, “We’re very excited for Magnatag whose innovative and forward thinking approach is driving their growth. Yet another example of the advanced manufacturing happening in Wayne County. We are proud to have them here and look forward to assisting in their growth.”
For additional information about Magnatag, visit https://www.magnatag.com/.
Accelerating Finger Lakes Forward
Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $8.07 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture and food production, and advanced manufacturing. Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here.
About Empire State Development
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. For more information on Regional Councils and Empire State Development, please visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
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