Week in Review: August 10 – August 14, 2020
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CEG IN THE NEWS
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REGIONAL ECONOMIC DEVELOPMENT NEWS
Etain secures $5.1 million loan for medical marijuana expansion
Medical marijuana grower and dispenser Etain LLC has secured $5.1 million in financing for an expansion at its Warren County production center.
The National Bank of Coxsackie approved a mortgage to cover the cost of constructing a 33,200-square-foot greenhouse and a 24,900-square-foot warehouse at Etain’s processing plant at 6030 Route 9 in the hamlet of Chestertown.
GlobalFoundries has found niche after abandoning leading edge chips
“Don’t get Tom Caulfield started.
The CEO of GlobalFoundries was at Fab 8, the company’s computer chip factory in Malta that he used to run as general manager, two weeks ago to tout the $25 billion American Foundries Act that is making its way through Congress with the help of U.S. Sen. Charles Schumer.”
Just Water will boost capacity to 100 million bottles a year
“Just Water purchased two more bottling machines, tripling production capacity at its Queensbury plant to 100 million bottles per year.
A little more than a year after doubling its floor space by signing a lease at 276 Dix Ave., Just Water has invested several million dollars buying two bottling and packaging machines from Tetra Pak in Sweden.”
Amazon to begin hiring at new Schodack fulfillment center
“Amazon’s new fulfillment center in Schodack is starting the process of hiring more than 1,000 new, full-time positions.
The employees will join more than 24,000 full- and part-time employees already working across the state with $15 an hour minimum wage and comprehensive benefits beginning on day one.”
Kingsbury ‘worm wrangler’ finds a business model wriggling in the dirt
“By day, Bill Richmond wears a tie and suit coat and handles a variety of public communication duties for various clients as a vice president of Behan Communications.
But increasingly in the area, he’s becoming known for his work with worms — about “40,000 to 50,000” of them if he were to guess — and refers to himself in his business email signature line as “chief worm wrangler” for his fledgling Adirondack Worm Farm.”
Chris Pickett planning for ‘new era’ of growth at Computer Professionals International
“Chris Pickett was only two months into his new role as equity partner and chief revenue office for Computer Professionals International when the Covid-19 pandemic hit.
Despite the general uncertainty that accompanied the pandemic, the Schenectady company was busy.”
From cost cuts to hiring spree: Pool business is booming during Covid summer
“When the Covid-19 pandemic hit, Scott Rajeski and Latham Pool Products saw a 75% drop in business that lasted from mid-March to mid-April.
“New Zealand was shut down. Australia was shut down. Canada was shut down. The Northeast was shut down,” Rajeski said. ‘Fifty-plus percent of our business, there was no activity happening. … We stopped hiring. We stopped travel. We started looking at cost cuts. And we talked about slowing the factories down. It was playbook 101 for what to do in a downturn.’”
Regeneron on track to spend up to $590 million on manufacturing and lab expansions
“Drug developer Regeneron Pharmaceuticals spent $300 million over the past six months expanding factories and laboratories in New York and Ireland, nearly doubling its capital expenditure budget from the first half of 2019.
The maker of drugs for treating arthritis, eye and skin diseases is on track to spend between $540 million and $590 million on capital expenditures this year, according to its second quarter earnings report.”
