Finger Lakes Regional Economic Development Council Announces Monroe County Manufacturer Semrock Inc. to Expand Operations
The Finger Lakes Regional Economic Development Council (FLREDC) today announced that Semrock Inc., the market leader in the design and manufacture of spectrally complex optical filters for fluorescence microscopy, Raman spectroscopy and analytical instruments, will expand the company’s manufacturing and operations facility in the Rochester suburb of Gates. This expansion project has a total cost of $3.8 million and will retain 118 jobs and create 21 local jobs while generating more than $61 million in payroll over the next 10 years.
“The Finger Lakes Regional Council strategy document clearly identifies optics, photonics and imaging, as well as advanced manufacturing, as key industry sectors in our region,” said Joel Seligman, FLREDC co-chair and President of University of Rochester. “Semrock clearly fits those sectors and is worthy of state support that will assist it to remain here and create critical jobs for Rochester area residents.”
“This project ensures the long term viability of Semrock here in Rochester and the Finger Lakes Regional Economic Development Council is pleased to support it,” said Danny Wegman, FLREDC co-chair and CEO of Wegmans Food Markets. “Our region is well known as a premier location for optics and the council’s approval of Semrock’s project is a clear demonstration of our commitment to building and growing industry clusters that will attract companies looking for a place where they can thrive.”
Semrock’s parent company, publicly-traded IDEX Corp. (NYSE: IEX), approved the purchase of new optical thin-film hard-coating manufacturing technology to support business expansion into high-volume applications. IDEX had to decide in which of its facilities to locate this equipment. The IDEX Optics and Photonics platform, which contains Semrock, also has several other domestic locations and considered a site in New Mexico that could have absorbed this expansion. Semrock in Gates was at full capacity and therefore had to lease space in an adjacent building for this new expansion. Empire State Development stepped in with an incentive proposal to Semrock which contains $400,000 in Excelsior Tax Credits as an enticement for them to choose Rochester for this expansion. The project then received the endorsement of the FLREDC.
“When IDEX completed its assessment, the natural location to make this investment was in our Rochester-based Semrock business in order to leverage the existing technology and application knowledge base with the strong market position of Semrock in optical filters,” said Dr. Michael J Cumbo, President of the IDEX Optics and Photonics platform and prior General Manager of Semrock, Inc.
“When manufacturers like Semrock choose to remain and expand here at home, it sends a message to companies across the country that the new New York works for business and is an ideal place to invest,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “By leveraging limited state resources with private investment, we are able to help an existing operation that was at tremendous risk of leaving the state, while making the Finger Lakes region even more attractive to the optics and advanced manufacturing industries.”
“The Finger Lakes Regional Council’s support of Semrock’s expansion highlights our region’s growth as a state-wide leader when it comes to the manufacturing of superior optics technologies,” said Monroe County Executive Maggie Brooks. “Since 2000, Semrock has grown tremendously and continues to put our community on the map in a number of ways. Monroe County is proud to partner with Semrock as they continue to expand and add jobs to our local economy.”
The Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these strategic industries that create and maintain new jobs or make significant financial investment are eligible to apply for the tax credits. The program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments.
Semrock, Inc., a Unit of IDEX Corporation, manufactures optical filters that set the standard in performance and reliability for the biotech and analytical instrumentation industries, as well as innovative optical filters for more general optical systems and fluorescence imaging applications. Founded in 2000, Semrock is based in Rochester, New York and in 2008 became a Unit of IDEX Corporation. Today, Semrock is an anchor of the IDEX Optics and Photonics platform and provides end-users a wide selection of standard catalog products that ship from stock, and OEM customers benefit from designs that are tailored to their specific performance and application needs. All Semrock products are made with durable, hard optical coatings that are covered by a five-year warranty. For additional information about Semrock, its products and its team of international distributors, visit the company website at www.semrock.com.
To learn more about the Finger Lakes Regional Economic Development Council and its economic development plans, visit http://regionalcouncils.ny.gov/content/finger-lakes.