MANUFACTURING INDUSTRY REPRESENTS GREATER THAN HALF OF PRIVATE INVESTMENT FROM APPROVED GROW NJ PROJECTS
TRENTON, N.J (September 11, 2014) – In support of the Christie Administration’s efforts to stimulate the growth of key industries in the State, the New Jersey Economic Development Authority (EDA) today approved five manufacturing projects, totaling more than $51.8 million in private investment, through the Grow New Jersey Assistance Program. To date, over 53.7% percent of the anticipated private investment by companies assisted through Grow NJ are in the manufacturing industry.
“The enhanced Grow NJ Program has effectively worked to attract and retain companies in targeted growth sectors, with considerable activity coming from the manufacturing industry,” said EDA Chief Executive Officer Michele Brown. “The Economic Opportunity Act is continuing to achieve tangible results, helping to maintain and generate employment opportunities and drive private investment into New Jersey.”
Signed into law by Governor Christie in September 2013, the Economic Opportunity Act created Grow NJ as the state’s main job creation and retention incentive program. Grow NJ places extra emphasis on spurring development and private sector job growth in targeted communities and industries. Of the 22 manufacturing companies approved to date, nearly 82 percent are located in a targeted community, which includes distressed and Urban Transit Hub municipalities, as well as Garden State Growth Zones.
The five manufacturing companies approved at the September Board meeting span from Cumberland County to Passaic County and represent both large and small businesses. The projects were approved for a combined total of up to $87.5 million in tax credits over ten years and involve the creation of an estimated 387 new jobs and the retention of 784 jobs at risk of leaving the state.
In Paterson, Accurate Box Company is contemplating the expansion and renovation of its existing facility or a relocation of operations to New York. The family-owned company is one of the largest independent box manufacturers of litho-laminated packaging in the United States.
Allied Specialty Foods is considering moving its headquarters and purchasing a processing facility in Vineland or Delaware. The company has grown from a local butcher shop to a national purveyor of specialty meats.
Coperion K-Tron, a global leader in providing process automation, equipment, systems and solutions for bulk material handling, is currently deciding whether to maintain and renovate its last remaining New Jersey-based facility in Mantua or relocate operations to Virginia.
Following a fire in June, Plastics Consulting and Manufacturing, Inc. is evaluating whether to reconstruct its existing manufacturing facility and office in Camden or move to Philadelphia. The small business, which currently employs a staff of 20, is a leader in applying corrosion and non-stick protective coatings for a variety of industries.
With the revolution in LED lighting technology, RAB Lighting, Inc. has experienced significant growth and is in the process of deciding whether to expand and renovate its current space in Northvale or relocate to New York. The company manufactures sustainable lighting fixtures, with sales throughout the United States and Canada.
The NJ Business Action Center worked in collaboration with the EDA to help cultivate these economic development projects, providing interdepartmental advocacy and ongoing customer support. As a performance-based program, approved Grow NJ projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive approved benefits.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.com. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
The EDA is part of the state’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.