Technofil Chenango acquires former Sherburne Metal Products
SHERBURNE – A Peruvian-based copper products manufacturer completed the acquisition of the former Sherburne Metals Products on Monday, according to Village of Sherburne Mayor William Acee.
Technofil S.A., one of Peru’s most important producers of copper and copper alloy semi-finished and finished products, purchased the long time employer’s plant and plans to hire 24 workers, the mayor said. The company will be named Technofil Chenango.
Sherburne Metal Products closed in 2009 following the death of its owner, David Harvey. Approximately 30 people lost their jobs. Acee said the announcement, coupled with recent news of Frontier Communications growing its workforce in Sherburne, would return the area’s rate of employment back to pre-recession strength.
“Hopefully we can grow our economy further from here,” he said yesterday.
The Chenango County Industrial Development Agency granted Technofil tax concessions, including sales and use tax exemptions and a Payment in Lieu of Taxes (PILOT) agreement.
Technofil proposed to invest $2.5 million to acquire the Sherburne Metal Products’ assets, install new equipment, and make needed repairs and upgrades to the facility, according to Commerce Chenango Economic Development Specialist Jennifer Tavares. The project is expected to lead to the creation of 24 new full-time jobs in the first two years, with as many as 70 more projected to be created by the end of 10 years, she said.
The CCIDA’s decision was good news for those who attended a public hearing on the proposed concession in Sherburne in late June. All those who spoke at the meeting indicated their support of the project.
Technofil S.A., one of Peru’s most important producers of copper and copper alloy semi-finished and finished products, purchased the long time employer’s plant and plans to hire 24 workers, the mayor said. The company will be named Technofil Chenango.
Sherburne Metal Products closed in 2009 following the death of its owner, David Harvey. Approximately 30 people lost their jobs. Acee said the announcement, coupled with recent news of Frontier Communications growing its workforce in Sherburne, would return the area’s rate of employment back to pre-recession strength.
“Hopefully we can grow our economy further from here,” he said yesterday.
The Chenango County Industrial Development Agency granted Technofil tax concessions, including sales and use tax exemptions and a Payment in Lieu of Taxes (PILOT) agreement.
Technofil proposed to invest $2.5 million to acquire the Sherburne Metal Products’ assets, install new equipment, and make needed repairs and upgrades to the facility, according to Commerce Chenango Economic Development Specialist Jennifer Tavares. The project is expected to lead to the creation of 24 new full-time jobs in the first two years, with as many as 70 more projected to be created by the end of 10 years, she said.
The CCIDA’s decision was good news for those who attended a public hearing on the proposed concession in Sherburne in late June. All those who spoke at the meeting indicated their support of the project.
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