Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has approved a transaction that will allow Autronic Plastics Inc. a family-owned manufacturer and distributor of specialized molded plastic products and LED lighting fixtures, to renovate, construct, and equip an existing 100,290 s/f building on seven acres.
Aided by the IDA, Autronic Plastics relocated operations from North Carolina to Central Islip in 2013 with a $6.15 million investment and its purchase of 1150 Motor Pkwy. It had 85 employees at the time.
Now, Autronic has approached the IDA with a proposed new capital investment of $3,505,079 to renovate and equip their existing building to meet their capacity needs – this project might include a 25,000 s/f expansion of the existing building. The company will retain 117 full-time jobs and create 11 additional jobs with an initial payroll of more than $7.57 million.
Autronic’s current building is near maximum utilization and needs additional space to accommodate growth and new projects, the company said. It also intends to use the space for engineering, research, and development.
“Autronic has secured three significant contracts necessitating substantial capital investment and facility expansion, positioning us for continued growth within Suffolk County,” said Michael Lax, chairman of Autronic. “Without IDA assistance, economic factors strongly favor relocating these operations to the Midwest. Our highly engineered products serve critical infrastructure sectors, including construction, transportation, medical devices, communications, renewable energy, and mass transit lighting systems.”
“Autronic Plastics has specialized in precision plastic molding products, tools.,and manufacturing in various industries including medical and dental, automotive, life safety, lighting, aerospace, military, defense, and consumer products. We are pleased to assist them to ensure their presence is maintained in Suffolk and add to Suffolk County’s expanding manufacturing base,” said Kelly Murphy, Executive Director/CEO of the Suffolk County IDA.
When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.