LOW-COST POWER AUTHORITY ELECTRICITY MAY HELP CREATE OR PROTECT 4,350 JOBS
LOW-COST POWER AUTHORITY ELECTRICITY MAY HELP CREATE
OR PROTECT 4,350 JOBS
NEW YORK, March 4 /PRNewswire/ -- New York Power Authority Chairman Richard M. Flynn said Wednesday that low-cost Power Authority electricity may help create almost 150 jobs and protect nearly 4,200 more at industries in Rockland, Westchester, Suffolk and Genesee Counties.
"The state's Economic Development Power Allocation Board (EDPAB) has recommended allocations of nuclear power to companies that are willing to commit to investment, new jobs and specified employment levels in return for the power," said Flynn.
"It's another indicator that my Power for Jobs program is working as designed to help the people and the economy of New York State," he said.
EDPAB receives and evaluates requests for the economical power, produced at the Power Authority's James A. FitzPatrick Nuclear Power Plant on Lake Ontario near Oswego. The board, which Flynn also chairs, makes recommendations for action by the Power Authority.
The four companies involved in Wednesday's actions include:
-- American Cyanamid Co., which would receive 5,000 kilowatts (kw) for its medical research and pharmaceutical manufacturing complex in Pearl River, Rockland County. In exchange, the company would invest up to $145 million in building and equipment additions and upgrades, add 68 jobs and protect 3,454 existing positions. The lower-cost power would help the Pearl River facility compete with Cyanamid sites in Puerto Rico, North Carolina, New Jersey and elsewhere for the new facilities.
-- Monitor Aerospace Corp. of Amityville, Suffolk County, which would agree to keep its 371 employees on Long Island, instead of moving some of its operations to Pennsylvania, in exchange for a 2,300-kw block of Power Authority power. The company, whose primary product is precision-milled structural aircraft components, also would move ahead with a $2.2 million expansion.
-- Hosiery Concepts Inc., which would proceed with a $750,000 expansion of its knitting operations at a historic site in Yonkers in return for 400-kw of economical power. The company also would commit to creating 50 jobs and protecting 78 existing positions. The planned expansion would include installing new equipment and making other improvements at the former carpet factory on Nepperhan Avenue, one of Yonkers' oldest industrial sites.
-- LeRoy Industries, which would use its proposed 1,300-kw allocation for a $660,000 expansion of its manufacturing plant near Batavia, in Genesee County. In return for the power, the company would commit to adding 28 jobs and protecting 284 existing ones. LeRoy makes spindles and knuckles--parts that attach wheels to axles--for automobiles and light trucks.
Flynn has been chairman of EDPAB since its inception in 1987. Nearly 17,000 jobs statewide are linked to EDPAB-recommended allocations.
EDPAB was created by legislation to make FitzPatrick power available to a wider variety of companies.
/CONTACT: Jack Murphy of New York Power Authority, 212-468-6319/ CO: New York Power Authority ST: New York IN: UTI SU: AH -- NY086 -- 5142 03/04/92 16:55 EST