The Minnesota-based Taylor Corporation will be keeping its subsidiary, Top 40 distributor Amsterdam Printing (asi/121500), in New York after a $2.5 million grant was finalized Tuesday, the Times Union reported.
Taylor Corporation had begun searching for possible new locations for the growing print business last year. The Empire State Development Corporation (ESD), a government department aimed at supporting the state economy and encouraging business investment, then stepped in and offered tax breaks and grants to entice the company to stay in Amsterdam, NY, its home for more than 115 years.
The grant is part of a multi-year $10 million project from Taylor Corporation for new construction, building renovations and employee training. It’s tied to the retention of 469 jobs over the next eight years as well as the creation of 39 new manufacturing jobs in the next four years.
“The biggest thing is this gives us additional capability with the equipment and improvements that we're doing, and that hopefully should open up new markets for us to sell,” Amsterdam Printing President Tim Broadhead said at an ESD hearing last month, The Daily Gazette of Schenectady reported.
To date, the company has been given $750,000 in Excelsior Jobs Program tax credits, $900,000 from New York State Homes and Community Renewal, and 246 kilowatts of low-cost power from the ReCharge NY Program. Project plans show $1.8 million of the $10 million will be allocated for construction and renovation at company headquarters, and $7.2 million will go to machinery and equipment.
Taylor Corporation, which is also the parent company of Top 40 distributor Taylor Communications (asi/333647) and Top 40 supplier ADG Promotional Products (asi/97270), has owned Amsterdam Printing since 1996. The company acquired Staples Print Solutions in July.
Amsterdam Printing ranks 16th on Counselor’s list of Top 40 distributors, with estimated 2015 revenue of $107 million. The company increased sales last year by nearly 6%, and has steadily grown its business over the past five years.