Ontario County EDC, PathStone and Empire State Development Join Forces to Support Newtex Industries with $720K Upgrade
— Funding Will Allow Newtex to Expand Production at its Victor Facility —
CANANDAIGUA, N.Y., September 9, 2010 — The Ontario County Economic Development Corp. (EDC), PathStone and Empire State Development Corp. (ESDC), the state’s economic-development arm, have partnered together to assist Newtex Industries with a $720,000 equipment upgrade project in support of the company’s new Z-Flex™ Aluminized product line. The upgrades, including new coating and cutting machines, will allow the heat- and fire-resistant performance textile manufacturer to expand production and perform new operations at its Victor facility in Ontario County.
The Ontario County EDC, a not-for-profit corporation formed earlier this year to co-manage the county’s Revolving Loan Fund, closed on a $350,000 loan to Newtex last week. The Ontario county EDC enlisted the support of PathStone, a regional community-development organization, which approved a $200,000 loan, and ESDC, which is providing $110,000 in funding. Newtex itself is making a $60,000 equity investment in the project.
“We are pleased to assist Newtex in taking their business to the next level and expanding production in Ontario County,” said Joe Bridgeford, Chairman of the Ontario County EDC. “This is an excellent example of how public-private partnerships can be formed to support forward-thinking companies and create new jobs with state-of-the-art technology in our communities.”
Newtex is renowned for its Zetex® and ZetexPlus® high-temperature, fire-resistant fabrics which are used across industry and in specialized firefighting apparel. One of the company’s NXP 2000 ZetexPlus Fire Entry Suits was recently featured in the National Geographic channel’s special, “How the Earth Changed History – The Gift of Fire.”
“We are lucky to have organizations like Ontario County EDC, Pathstone and Empire State Development working overtime to support businesses like ours in bringing new technology and jobs to the region. I am grateful that these development agencies understood the significance of their support to both our project, our future and to the continued employment of our dedicated and talented workforce. In a time when conventional lending was nonexistent, they have all made a real difference,” said Jerry Joliet, Newtex CEO.
Newtex anticipates that this project will create more than 10 jobs over the next three years.
“PathStone Enterprise Center, Inc., the affiliate corporation for economic development of PathStone Corporation, was excited to be part of this project,” said Al Hartsig, business development director at PathStone. “By working cooperatively with Empire State Development Corp. and Ontario County, together we were able to assemble a financing package that fit Newtex’s requirements, bringing production and manufacturing jobs back to the region.”
“Newtex Industries has long been known for its world-class production of high-temperature thermal textiles, which are used by industries ranging from defense to petrochemicals,” said Empire State Development Chairman & CEO Dennis M. Mullen. “ESD is proud to support this leader in high-tech manufacturing expand its capacity to produce the company’s Z-Flex™ product line. At a time when access to capital is critical, New York State will assist companies to obtain the financing they need in order to grow operations. On behalf of Governor Paterson, I congratulate Newtex on the expansion of their product lines and their employment base.”
As the most trusted name in the industry for over 30 years, Newtex is the pioneer and leading global producer of high temperature textiles for thermal management and fire protection. Headquartered in Victor, N.Y., Newtex works with its worldwide partners and customers to provide innovative, high-quality products and exceptional service at competitive prices. The company manufactures products in its modern and highly efficient manufacturing facility. For more information about Newtex, please contact Doug Bailey at (585) 924-9135.