December 05, 2011
Source: The Business Review
An Elmira polymer manufacturer that supplies the semiconductor industry is relocating its headquarters and a manufacturing plant to the Watervliet Arsenal.
Cleveland Polymer Technologies LLC is receiving $2 million in federal funds through the Arsenal Business & Technology Partnership to purchase equipment and renovate 28,000-square-foot of space at the arsenal. The company is also receiving $500,000 to support research and development at the University at Albany’s College of Nanoscale Science and Engineering during the next five years.
CPT expects to invest more than $10 million over the next five year at the site.
CPT has 12 employees and plans to add another 20 jobs as a result of the move. The company makes polymer castings—also known as mineral castings, composite castings, polymer concrete or epoxy castings—that are used in a variety of industries and applications. It supplies high tech equipment manufacturers and has current sales of $2 million.
But Arsenal Partnership President Peter Gannon said the company expects as a result of research at the nanocollege it will find other applications for its product.
CPT was considering moving back to Ohio where it was founded but decided on the Albany area because of access to the nanocollege.
Gannon said CPT will be at the site and manufacturing product "no later than June."