Greenfield Manufacturing Inc. (GMI) is preparing to nearly double its 2016 expansion, investing another $2.5 million to add product innovation, production and materials warehouse and packaging facilities to its Saratoga Springs-based chemical manufacturing and services facility, according to the Saratoga Economic Development Corp. (SEDC).
The investment will retain its 13 employees and add seven additional full-time employees, according to SEDC, which has been leading the company’s request for local incentives of nearly $459,000.
“It’s always great seeing entrepreneurs grow their business, and it is especially satisfying to support GMI’s continued growth in Saratoga,” said Dennis Brobston, SEDC president.
“This is a prime example of why we focus first on homegrown small business because as they continue to innovate, they are more likely to expand here and our communities retain their talent, investments and job creation. We will continue promoting the area to attract companies relocating here, but as we noted in launching Spark Saratoga, boosting area entrepreneurs to grow business is a far more efficient path to grow future opportunities and investments,” he said.
GMI was established in February, 1998 in Corinth as a competitive custom chemical manufacturer of specialty lubricants and additives that improve materials performance. It continues serve major clients like Dow Chemical, Momentive Performance Materials, General Electric and Castrol.
Officials said GMI’s project will add 10,875 square feet of light manufacturing and warehouse space to its recently built 24,750 sf facility in the Grande Industrial Park, Saratoga Springs. It will also build a new neighboring 10,000 sf building for producing a new line of chemical additives for its clients.
Munter Enterprises in Middle Grove is contracted for the construction. The project is pending site plan review by the city of Saratoga Springs.
SEDC led the application to the Saratoga County IDA. An IDA public hearing is set for for Nov. 13 at City Hall in Saratoga Springs to discuss the benefits for the $2.5 million expansion that include, according to SEDC:
• A 10-year Manufacturing PILOT, with no additional local taxes for years 1-10 of the project expansion for an estimated savings of $348,740.
• Sales tax abatement against materials purchased for the project expansion for an estimated savings of $124,600
• Mortgage tax abatement for filings to Saratoga County for an estimated savings of $16,875.
“We are grateful for the continued local support for our growth and innovation,” said Duane Palmateer, GMI president and owner. “It’s been a journey since 1998, and it’s not always easy in business. We are happy to have SEDC listening and working with us to help our local expansion so we can focus on delivering value to our customers and innovating for future growth right here at home.”