CAPITAL REGION -- "It is momentive," said Senator Joe Bruno. "And momentus."
"Momentive Performance Materials plans to build a state of the art Technology Center and relocate our global headquarters to Rensselaer County in New York," said Jonathan Rich, the president and CEO of Momentive. "The entire project will result in 150 new jobs to the Capital District and an investment of $80 million for the two facilities."
Those jobs will be high-paying and high-tech. The company makes silicones and silicone derivatives in Japan, Germany and at the plant in Waterford.
There's some good news for the local economy. A local company has decided not only to stay in the Capital Region, but expand here as well. Our Britt Godshalk has the story of what's at stake and what it's taken to get them here.
"Its products surround us," said Bruno.
"Everything from hardware like mobile phones and computer keyboards, to the softest things like creams and make-up," said Shawn Williams, the president of Momentive, Americas.
Bruno said, "It takes a lot to move a company like this to a decision like this, $6.5 million worth to get us to this day."
That's how much Momentive will get in capital grants, along with tax reductions over the next 10 years. But perhaps the biggest incentive comes from recently passed legislation that qualifies this plant for Empire Zone benefits, which the company says will send $40 million their way over a decade. That legislation is expected to be signed off by the governor and the commissioner of Economic Development.
"Everyone has been in concurrence that this is a win, win, win for everybody," said Bruno.
The outgoing senator notes that this is just one of several announcements he'll be making like this before he leaves office. That said, he's not really giving any hints as to what those are.
"Just stay tuned, you ain't seen nothin' yet," said Bruno.
We've yet to see plans for a $600 million AMD micro-chip plant materialize. Bruno said that company's CEO assures him that will happen.
"I said, are you on target to be here," said Bruno. "He says yes. So I accept yes for an answer."
For now, CEO Jon Rich has all the momentum he needs.
"This is an exciting day for all of us Momentive," said Rich.
Relocating his headquarters will start next month, with construction beginning at a to-be-determined Rensselaer County location, next year.