Mineola, NY - February 5, 2014 - Nassau County Executive Edward P. Mangano and the Nassau Industrial Development Agency (IDA) today announced the approval of an economic development compact that will bring Supreme Screw Products - a manufacturer of precision component parts for the automotive, aerospace, medical, defense, commercial, electronics and other industries - to Mineola. The company had considered moving to sites in New Jersey and Connecticut before deciding to move to Mineola.
County Executive Mangano stated, “This announcement highlights the success of creating new jobs and opportunities for our residents, attracting new businesses from outside Nassau, putting our residents back to work and revitalizing local communities. From creating new jobs to generating millions in economic benefit for our community, this economic development compact with Supreme Screw Products is a win-win for Nassau residents.”
Supreme Screw Products is purchasing and renovating two buildings for $4.1 million and plan to bring 36 jobs to the site from the Bronx location that it has outgrown. The company also will create another 30 positions at what will be a state-of-the-art, high-tech manufacturing facility. Economists estimate the project’s economic benefit to Nassau County at $74 million.
“This economic development compact proves that Nassau County can be competitive with other regions of the country and is able to entice businesses to our county,” said Joseph Kearney, Executive Director of the Nassau IDA. “This is an absolute home run for the county.”
Additionally, Empire State Development (ESD), New York State’s chief economic development agency, is providing Supreme Screw Products with $600,000 in performance-based tax credits through its Excelsior Jobs Program in return for the creation of 30 new jobs. These incentives are directly tied to the company’s job-creation and investment commitments.
“This is great news for Long Island’s manufacturing industry and the regional economy and the State is proud of our efforts to keep Supreme Screw Products in New York State and help them grow and create jobs in Nassau County,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “Under the leadership of Governor Cuomo, we have built a better business environment over the last three years and companies looking to invest, expand and create new jobs for New Yorkers are taking notice.”
About the Nassau County IDA
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, including Hain Celestial Group, Arizona Iced Tea, Sleepy’s Mattress, Cold Spring Harbor Labs and Grumman Studios. For more information, please visit www.nassauida.org or call 516-571-1945.