News

July 15, 2008

Paterson Announces $1.5 Billion IBM Investment Upstate

By: by Times Union

Source:

Gov. David Paterson announced a "tremendous public-private partnership" between the University of Albany College of Nanoscale Science and Engineering in partnership with the state and IBM.

IBM is investing $1.5 billion to the upstate economy, with the aim to create 1000 new jobs in the region.

1. IBM will invest $375 million into this region to create the kind of R&D and capital investment, with an additional $25 million grant from the state. 325 R&D jobs.

2. IBM will retain 1,400  jobs East Fishkill facility. New York State will augment with $65 million grant. The bulk of the remaining $1.125 billion will go towards the facility.

3. An estimated $675 $150 million will be invested in a packaging plant in an upstate city, creating around 675 jobs. $50 million investment from the state in next year's executive budget.

UPDATE: Paterson misspoke during the press conference; the numbers above are from the governor's office.

Paterson thanked a "team" of elected officials, using a baseball analogy.

Former Senate Majority Leader Joseph Bruno: "Unlike his predecessor...who dealt in threats, and a little bit of hate...David is full of love, passion, commitment, doing it with his team. He understands what a team is truly about."

"This will be the last major announcement that I'll make...as former Majority Leader...as Senator."

"This region, this state, can compete with any high-tech lifescience, biotech facility in the whole world. IBM could be anywhere in the world, they are here. AMD could be anywhere in the world, they will be here....Governor, this is where your leadership will take this state where it belongs...and that's what this team is all about."

"With all the love and affection, now, I feel very comfortable in slowly riding off into the sunset...you watch my back." Followed by a standing ovation.

Assembly Speaker Sheldon Silver began by joking, "thank you for that standing ovation."

He then commended Bruno: "Upstate New York has never had a more devoted advocate then they have had in Senator Bruno. i want to take this opportunity to applaud his leadership...ladies and gentlemen, with the leadership you see here...we have to believe that the sky is the limit....Now it's our challenge to continue to work together."