New Company an Economic Development Win for RI
Thursday, April 21, 2011
Yardney Technical Products, Inc. is slated to relocate from Pawcatuck, CT to East Greenwich, RI, marking a significant economic victory for the Ocean State.
With the help of a $6 million, tax-exempt bond from the Rhode Island Industrial-Recreational Building Authority (IRBA) and additional funds from the Rhode Island Economic Development Corporation (RIEDC) and Webster Bank, the company will purchase and renovate a 140,000-square-foot manufacturing and research facility at 2000 South Country Trail in East Greenwich. In return for this financial support, Yardney has agreed to create the at least 165 full-time advanced manufacturing jobs in the state within three years.
"We have been working with Rhode Island for the last several years to locate a facility that would meet our needs," said Yardley CEO Richard Scibelli. "This facility not only provides for our current operations but gives us room for growth."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe RIEDC Board of Directors has also approved Yardney for "Project Status," a program that makes the company eligible for sales tax exemption for the purchase of up to $557,405 of construction materials and equipment, furniture, fixtures, machinery, computers, and facility equipment.
Requirements on jobs and wages
In order to qualify for the program, 88 of the 165 proposed manufacturing jobs must pay at least $36,691 annually —105% of Rhode Island's mean annual wage. These 88 jobs are expected to bring in $557,405 (the same as the tax exemption limit) over the first three years of the project, and the three-year total state income tax revenue for all 165 jobs is projected at $678,754.
"We look forward to having Yardney become a vital part of Rhode Island's growing advanced manufacturing industry and the creation of quality, high-paying jobs in our state," said RIEDC Director Keith Stokes.
"I am pleased that the Yardney management team views Rhode Island as a place where their business can grow and prosper," said Governor Lincoln Chafee. "I will continue to work everyday to make Rhode Island a state where existing businesses can expand and succeed and where outside businesses will want to locate and do business."
Yardney, a subsidiary of Ener-Tek International, Inc., produces high-performance battery systems for air, land, sea and space conditions. Founded in 1944, the company boasts a portfolio including mini-subs, torpedoes, satellites and the Mars rover. It's relocation will flush thousands of dollars into the struggling Rhode Island economy.
Added Scibelli, "We [Yardney] look forward to becoming part of the fabric of the community and state of Rhode Island."
More about Yardney
Yardney Technical Products, Inc., a veteran-owned small business, is a technology-driven company that focuses on advanced battery technologies for use in high performance applications. These systems have proven successful on mini-subs, rockets, torpedoes, aircraft, satellites, and roving the surface of Mars. The company has distinguished itself since 1944 in the design, development, and manufacture of advanced battery technologies for Aerospace, the Department of Defense, and industrial/commercial applications.
In addition to the Lithion product line, Yardnley also produces silver-zinc and metal-air cells and batteries. Yardney batteries are successfully operating on a variety of platforms such as the USAF B-2 Bomber, Global Hawk RQ-4 and similar designs for Navy variants such as the UCAS-D and BAMS aircraft, Atlas and Delta launch vehicles, Mars Rovers, Underwater vehicles for various Navy platforms such as the Seal Delivery Vehicle. For more information, please go to www.yardney.com or www.lithion.com.
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