Long Island Regional Economic Development Announces Continued Growth at Cox and Company in Plainview
The Long Island Regional Economic Development Council today announced that Cox & Company has purchased and installed several new pieces of machinery and equipment on the strength of a $267,574 award it received as part of Governor Andrew M. Cuomo’s Regional Council initiative. The funding being provided through the Excelsior Jobs Program tax credits has helped the Aerospace manufacturing company continue to grow and invest in its Plainview facility, where it has already created nearly 20 new jobs for Long Islanders. When completed, this $1.4 million project has the potential to create and retain 219 jobs and will provide a boost to the local economy by generating over $87 million in payroll over the next ten years
“The advanced manufacturing industry is key to our strategic plan for Long Island and by accelerating job growth through the Excelsior Jobs Program we’re seeing companies grow and more Long Islanders at work,” said Long Island Regional Economic Development Council Co-chairs Kevin Law and Stuart Rabinowitz. “The Long Island Regional Council understands that tax credits are an important economic development tool, helping to provide companies with the financial leverage needed to invest in their facilities and hire new employees. Cox and Company is making a sizable investment not only in equipment, but in its people and should be commended for its commitment to ensuring it remains an industry leader here in New York.”
“Governor Cuomo’s Regional Council initiative is a valuable tool to support local business growth and community development,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “The expansion of Cox & Company is a prime example of the type of unique public-private partnerships that thanks to Regional Councils, is now getting the resources it needs to maintain an edge on their competitors and create more jobs.”
An engineering-oriented systems design and manufacturing company located in Plainview, NY, Cox & Company is a manufacturer of sophisticated Aerospace de-icing electronics used for aircraft and military applications. ESD President Adams and Regional Council Co-chairs Law and Rabinowitz today were led on a tour of the facility by Cox and Company CEO Steve Landry to view the new equipment and discuss how the support from the Regional Council and the State has helped the Company maintain its competitive edge in New York. Additionally, they were provided with a demonstration of the Icing Wind Tunnel, which is one of only four in the nation and is vital to Cox and Company’s research and development of de-icing electronics.
Steve Landry, CEO of Cox and Company said, “As an employee-owned company founded 68 years ago in New York, we are extremely happy to continue investing in our facility and our people. With the support of the Long Island Regional Council and Empire State Development, we have been able to get the new equipment we need to remain an industry leader while also creating jobs for Long Islanders. This is a win for everyone and an example of how the business environment is improving in New York. The family at Cox and Company looks forward to working together again in the future.”
The Company was awarded Excelsior Jobs Program tax credits in the first round of the Regional Council initiative to encourage continued investments in new production equipment to meet demand at their Long Island facility. The award has helped the company create much-needed jobs and assisted in the purchase of new equipment, which will enable them to stay competitive in their field.
Since being approved for the Excelsior Jobs Program, Cox and Company has purchased nearly $300,000 in new capital equipment, including:
- 2 Environmental test chambers that simulate full range of temperatures for basic thermal cycling to accelerated stress testing
- Anysys Maxwell 3D software which simulates a magnetic field around coils
- 10 new licenses for ERP system
- New 250HP fan for icing wind tunnel to simulate air speed into (helicopter) engine
- Tooling for helicopter inlets
An industry leader in the design, development, test and manufacture of high quality custom systems to meet the demanding specifications of aerospace, industrial and transit applications, Cox specializing in difficult and demanding customer requirements through a unique combination of multi-discipline engineering capabilities, diverse product technologies and extensive in-house facilities. One of the few employee-owned businesses on Long Island, this unique company offers employees a chance to participate in the company’s success, with every worker doubling as an owner.
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. As part of that process, Cox & Company was awarded $267,574 in tax credits from Empire State Development’s Excelsior Jobs Program.
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 industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to four 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. Program costs are capped at $500 million annually to maintain fiscal affordability and ensure that New Yorkers realize a positive return on their investment. Firms in the Excelsior Jobs Program may qualify for four new, fully refundable tax credits. Businesses claim the credits over a 10 year period. To earn any of the following credits, firms must first meet and maintain the established job and investment thresholds.
Senator Kemp Hannon said, “It is critically important to do everything in our power to ensure Long Island's engineering and manufacturing firms continue to succeed. This award, provided through the Long Island Regional Economic Development Council will enable Cox and Company to succeed and thrive, encouraging innovation and renewed emphasis on investment in high-tech equipment. Even more importantly, the Excelsior Jobs Program has helped Cox to create 20 new jobs for Long Islanders, with the potential to create and retain more than 200 new jobs, which will further boost our local economy.”
Assemblyman Charles Lavine said, “The early success of Governor Cuomo’s Regional Council initiative and the Excelsior Jobs Program continues to reinforce Long Island as a great place for a business to grow. I look forward to the success and growth of Cox and Company in the years ahead.”
Nassau County Executive Edward P. Mangano said, “I was thrilled to assist Cox and Company with their re-location to Nassau in 2008 - the success and expansion of this company reflects our commitment to work with the State to grow jobs right here in Nassau County.”
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.