Espey Manufacturing & Electronics Corp. is making an investment in new products to serve the U.S. Department of Defense.
The nearly $5.3 million in upgrades will permit development of power transformer and generation technologies needed in support of the defense systems.
Officials said the expansion will help diversify the company’s product offerings and improve retention of 144 existing local employees. Espey’s average wages are over $62,000 per year (as compared to $53,000/year in the Capital Region average for manufacturing sector, NYSDOL).
“We are focused on helping our local manufacturers advance their competitive position and retain the jobs and wages they create in our communities,” said Dennis Brobston, president, SEDC. “Our Advance Saratoga initiatives to retain and grow jobs put a high priority on our existing valued employers. We are proud to have Espey here bolstering our nation’s systems for our defense. It is important we help them stay competitive and put people to work innovating and building future products.”
Publicly traded Espey Manufacturing & Electronics Corp. has been a longtime employer and manufacturer in Saratoga County. The ability to transform electric energy powering radar, sonar and other critical equipment for defense and commercial uses has been a hallmark of its history. Expanding on it and adding power generation technology that can adapt to the defense conditions and environments is key to diversifying their product sales and revenue, the company said.