October 27, 2006
By: by WTEN: Albany
A technology firm pulls up stakes overseas, and is moving into the Capital Region. It is the latest addition to Tech Valley.
Vistec Lithography makes high-tech tools used by semiconductor manufacturers such as AMD. Soon they will be doing it right here.
Vistec is moving its global headquarters from Cambridge, England to Watervliet. They expect to create as many as 130 jobs - and these are good paying gigs, paying from 50-to-100-thousand dollars annually.
The company's decision has everything to do with the Capital Region's Nanotech boom.
"It's relocating its global headquarters, research and development, manufacturing, operations, its business programs, from the United Kingdom to the Watervliet Arsenal campus, right here in the Capital District," says Assemblyman Ron Canestrari.
It is one more hi-tech feather in the cap of Tech Valley. Vistec Lithography is the first Nanotech company to move their headquarters from another location - in this case, the United Kingdom to the Capital Region.
Vistec produces electron beam lithography equipment, used to reduce the size of circuits.
With 30-million dollars in incentives from the state, Vistec is renovating 25-thousand square-feet of space at the Watervliet Arsenal.
Within five years, they are expected to invest 125-million dollars into the Capital Region, bringing as many as 130 hi-tech jobs, that pay between 50-and-100-thousand dollars a year.
Vistec is not just setting up shop in the Arsenal - they are establishing research and development operations at UAlbany's College of Nanoscale Science and Engineering.
"We must utilize our outstanding universities and colleges as cornerstones of economic growth," Assembly Speaker Sheldon Silver says.
Vistec officials say the partnership between UAlbany and their future operations in Watervliet made the deal even more attractive. They expect to move into the Arsenal facility by July of 2007.
And it is not just new jobs at the Arsenal - Vistec's move to our area is expected to produce another 50 jobs from suppliers in the Capital Region.