New York economic development agency Empire State Development announced that Amsterdam Printing and Litho, a business that has been located in the state for more than 115 years, has decided to stay in Upstate New York and go ahead with an expansion of its operations.
Supported by ESD, the Mohawk Valley REDC and the Montgomery County Business Development Center, the company will invest $10 million and create 39 new jobs while retaining its existing workforce of 469 employees in the state.
Amsterdam Printing was founded in 1898 by Abraham Singer as a one-man print shop in an NYC apartment. Today, the company has grown into one of the 20 largest promotional product companies in the United States.
They make promotional products that help businesses promote their company and retain customers by offering products ranging from personalized pens to pocket and desk calendars.
Amsterdam Printing has two facilities in Amsterdam and Queensbury, NY. The company is now owned by Minnesota-based Taylor Corporation, which recently kicked off a site selection process to evaluate suitable sites for investment where Amsterdam Printing could grow in the future.
Multiple New York State agencies worked with the company, the Mohawk Valley Regional Economic Development Council and the Montgomery County Business Development Center to ensure the retention and expansion of Amsterdam Printing’s operations in Upstate New York.
For starters, ESD has offered the company $3.25 million in performance-based incentives. This includes a $2.5 million capital grant that is tied to the retention of the company’s 469 jobs for an eight-year period. Another $750,000 in Excelsior Jobs Program Tax Credits will support the creation of 39 new jobs.
ESD Acting President, CEO and Commissioner Howard Zemsky said in the release that Amsterdam Printing has helped grow the local economy for more than a century, and when its parent company began evaluating where to invest for the future, they made a strong case to company officials and showed them why Upstate New York is a great place to continue to do business.
Also, a $900,000 grant will be provided to Amsterdam Printing through New York State Homes and Community Renewal. The New York Power Authority has likewise offered the company additional low-cost power for a seven-year period under the ReCharge NY Program.
NYPA president and CEO Gil C.Quiniones said in the release that ReCharge NY was designed specifically to create and retain jobs in New York, and they’re gratified that Amsterdam Printing recognized the program’s benefits.
Montgomery County Executive Matthew L. Ossenfort added that successful economic development projects, such as the retention and expansion of Amsterdam Printing, emanate directly from deep collaboration with private and public sector partners and their intense commitment to existing businesses in Montgomery County.