Syracuse Post-Standard: Soraa, LED lighting maker coming to DeWitt, is an established player in a big market
Published:
Friday, October 30, 2015 - 10:27
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Gov. Andrew Cuomo speaks today at an event announcing plans by a manufacturer of LED lighting to bring more than 400 jobs to Central New York. (Stephen D. Cannerelli)[/caption]
DeWitt, N.Y. — The company bringing more than 400 jobs to Central New York is an established manufacturer with millions in sales, not just a startup with an idea.
The company, Soraa, manufactures LED lighting with high-quality color, brightness and efficiency. Its current rate of sales would translate into annual revenue of $60 million to $75 million a full year, said Eric Williams, chief financial officer.
The firm already has a workforce of 225 and a manufacturing plant in California. It'll maintain a presence there, but much of its future growth will come in the Syracuse area.
The company plans to move its manufacturing and research and development operations to a building under construction at Collamer Crossing Business Park.
Soraa has pledged to invest $1.3 billion over 10 years in the project.
The new facility will be located near an existing nanotechnology hub at Collamer that would concentrate on the film industry.
Soraa's manufacturing operations should be up and running by the end of 2016, Williams said. The move will create 420 jobs here.
Gov. Andrew Cuomo announced the project Thursday. The state will spend $90 million building and equipping the facility and will own it through the SUNY Polytechnic Institute in Albany.
Cor Development of Fayetteville, a major Cuomo campaign donor, is building the facility. The company also built the existing film-focused hub.
Soraa will pay no rent on the new building. But its $1.3 billion investment will be focused on keeping the facility and its equipment up to date, said Jerry Gretzinger, a spokesman for SUNY Poly, in an email.
The investment includes operating and capital expenses as well.
The company is not getting any other state aid or grants. The $90 million investment in the building is the state's total commitment, Gretzinger said.
By Kevin Tampone | ktampone@syracuse.com Email the author | Follow on Twitter on October 30, 2015 at 6:59 AM, updated October 30, 2015 at 7:29 AM
