Long Island Regional Economic Development Council Announces Expansion of Health and Nutrition Producer in Nassau County
The Long Island Regional Economic Development Council (LIREDC) today announced PL Developments has executed its agreement with Empire State Development and will proceed with plans to expand on the strength of a $2.7 million Excelsior Jobs Program tax credit award it received through Governor Andrew M. Cuomo’s Regional Council initiative. The company’s $13 million investment to expand its operations into a new facility in Nassau County will create and retain more than 600 jobs for Long Islanders.
“When the Regional Council formed its Strategic Plan last year, PL Developments was recognized as a key component to strengthen and grow Long Island’s pharmaceutical cluster and ensure long-term regional economic prosperity,” said Regional Council Co-Chairs Kevin Law, President & CEO of the Long Island Association and Stuart Rabinowitz, President of Hofstra University. “By utilizing resources from the Excelsior Jobs Tax Credit program, we successfully worked with the company to support its expansion in New York and help them create and retain over 600 jobs for Long Islanders. This is great news for our communities and a clear demonstration of how the New New York Works for Business.”
“Governor Cuomo’s Regional Councils continue to show that the region’s are making smart business decisions that leverage significant private investment to create much-needed jobs and spur economic growth in our communities,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “Great New York companies like PL Developments are constantly approached by other states. However, our strong workforce coupled with the efforts of the Governor, Empire State Development and the Regional Council has established a strong track record of proving that New York is the right place for businesses to invest, grow and improve their bottom line. By identifying PL Developments, and Long Island’s continually growing pharmaceutical industry, in its Strategic Plan, the Long Island Regional Council successful saved and created critical jobs that will keep over 600 New Yorkers working.”
This LIREDC supported project consists of the expansion of PL Developments manufacturing and distribution operations into a new facility in Nassau County. The Company’s current facilities in Westbury, New York, are comprised of approximately 200,000 square feet of state-of-the-art climate controlled, and segregated positive pressure filling suites in a secure facility.
Mitch Singer, President & CEO of PL Developments said, “Long Island has been home to PL Developments and the 600 families who have made our company a leader in the pharmaceutical industry. We are grateful for the support of the Long Island Regional Council and Empire State Development.”
PL Developments is a manufacturer, packager and distributor of a wide variety of over-the-counter and nutritional products that are found in most major retailers. The Company’s products include analgesics, digestive aids, sleep and motion aids and cold, cough and allergy remedies. PL Developments business model is based upon delivering affordable products to its consumers while maintaining the highest level of quality and service by strictly following FDA guidelines in the manufacturing of its products.
Last year, a total of $785 million was awarded through the Consolidated Funding Application (CFA) for job creation and community development projects consistent with each region’s strategic plans. PL Developments project originated in the 2011 round of the LIREDC process and was included in the Council’s Strategic Plan, particularly due to its major role in the pharmaceutical cluster on Long Island, to grow the regional economy and improve the quality of life for Long Islanders.
As part of the CFA process, PL Developments was awarded up to $2,668,040 through Empire State Development’s Excelsior Jobs Tax Credit Program to support the retention and creation of more than 600 jobs and a private investment of $13 million.
Senator Jack M. Martins said, “Government's role as we work our way out of this downturn is to create a more friendly business environment to encourage investment and job growth. By investing in PL Developments' expansion we will retain and create hundreds of jobs right here on Long Island, something we desperately need.”
Assemblyman Michael Montesano said, “PL Developments is one of the most important employers in Nassau County and I am pleased by the announcement not only will the company be maintaining its base of operations here, but will be expanding by 150 employees as well. I applaud the Long Island Regional Development Council for helping to expand PL Developments’ Westbury facility and keeping this crucial local job provider here in our community.”
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.
As part of "The New New York Works For Business" campaign, the state has launched a new website – www.thenewNY.com – which provides quick access to information for all areas of business assistance available from New York State. From starting a business, to accessing tax credits and funding incentives, to international trade, to regional assistance, this is a one-stop shop for all businesses to successfully thrive in New York.
To learn more about each regional council and their economic development plans, visit www.regionalcouncils.ny.gov.