JERSEY CITY, N.J. (September 12, 2011) – Lieutenant Governor Kim Guadagno recently met with Fluitec International and Fluitec NV to celebrate the company’s decision to consolidate its U.S. operations and all global corporate functions in New Jersey. The Belgian-based clean technology company currently has sales in 36 countries with offices in the U.S., Belgium and China.
“Our administration has been saying for the last year and a half that New Jersey is open for business and the decision by Fluitec to establish operations in New Jersey reinforces that view,” said Lt. Governor Kim Guadagno. “I am most gratified that in deciding to establish operations in New Jersey that Fluitec recognizes the attributes we offer all businesses – an educated work force, a stellar transportation system, a great location and an enriching quality of life.”
Fluitec develops and sells products that significantly increase turbine efficiency and reduce operations and maintenance costs through increased reliability and availability. The products focus on real-time analysis, condition monitoring and contamination control. The roots of the company are in the technology developed by the U.S. Air Force to help helicopters stay afloat longer during the first Gulf War. This predecessor technology allowed for quick measure of antioxidant levels in helicopter turbines. The technology has since been optimized, adopted and augmented to create products that monitor fluid degradation and remove degraded products. In addition to improving turbine life, reliability and availability, Fluitec’s products also increase the life of machine oils by up to 400 percent. The business has averaged 80 percent annual growth rates over the last three years and expects this trend to continue.
“With its talented workforce, diverse population, excellent transportation network and supportive State partners like Lt. Governor Guadagno, we are very pleased to announce our plans to relocate to and grow in New Jersey,” said Frank Magnotti, CEO of Fluitec. “We expect to bring more than 80 jobs to New Jersey over the next five years and hope to soon be counted as one of the State’s many Fortune 500 companies.”
Magnotti added that Fluitec has strong growth prospects due to its experienced management team, laser focus on customer service, and the huge market opportunity that exists in energy and industrial efficiency. Fluitec was recently voted the “top company” at Cleantech Forums held in Paris and New York.
The NJ Business Action Center (BAC) worked with Fluitec to help encourage the company to choose NJ over competing sites in Florida and Belgium. Additionally the New Jersey Economic Development Authority (EDA) approved a Business Employment Incentive Program (BEIP) grant worth an estimated $927,600 over ten years tied to the creation of 30 new, high-paying jobs within the next two years. Fluitec expects to invest approximately $5.6 million to establish its New Jersey location.
For more information on Fluitec, visit www.fluitec.com.