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Empire State Development recently announced that Time Release Sciences Inc. (TRS) will expand its facility in Buffalo, investing $3.5 million to grow its business and house additional product lines, retaining 59 current employees and creating 20 new jobs.
ESD will provide a $300,000 capital grant to cover a portion of costs associated with the purchase and installation of the company’s new machinery and equipment required to meet the needs of its customer, Proctor & Gamble. TRS manufactures “Magic Eraser” cleaning products for P&G and will add new variations (SKUs) of the product by securing the contracts. Its existing 100,000-square-foot facility on Dingens Street will grow by 20,000 square feet. The project also involves the purchase and installation of new machinery and equipment, as well as employee training and will be completed in December 2012.
“The expansion of Time Release Sciences to accommodate the needs of a Fortune 500 company demonstrates the kind of innovative partnerships New York’s improved business climate inspires,” said ESD President & CEO Kenneth Adams. “This project is another strong step toward giving Western New York the tools it needs to retain its success businesses and build on its already solid workforce and quality communities.”
“TRS is in a highly competitive market with very tight margins. It is crucial that we put our best package forward, utilizing all incentives, to offer P&G the most attractive pricing to capture 100% of the ‘Magic Eraser’ business,” said Bob Laughlin, Chief Financial Officer of Time Release Sciences. “We have found Empire State Development to be an excellent partner in helping us secure this business, and look forward to continued growth in Western New York.”
“This project is a clear sign that under Governor Cuomo’s leadership, New York is becoming a more attractive place for businesses to invest and create jobs,” said ESD Regional President Sam Hoyt. “By incentivizing growth in our vibrant small business community, we are able to create the jobs and local economic opportunities that will drive our economic recovery across every region of the state.”
Senator Tim Kennedy said, “Western New York is growing stronger because of the new jobs being created by businesses, like Time Release Sciences, that are committed to our region and our workforce. The innovation and hard work demonstrated by TRS is exactly what we need to rebuild our economy and create jobs for Western New Yorkers.”
Assemblywoman Crystal Peoples-Stokes said, “With its investment in new product lines, Time Release Sciences is laying the groundwork for new jobs in Western New York. Developing strong small businesses that can meet the needs of major companies, like Proctor & Gamble, ensure that our local businesses can remain right here in Buffalo.”
Erie County Executive Chris Collins said, “Investing in small business is critical to rebuilding the local economy. With stricter lending policies, many companies are having trouble obtaining traditional bank financing despite their strength and stability. Assisting business owners with capital grants allows them to expand their business, create jobs, and build economic opportunities. This grant from Empire State Development will allow Time Release Sciences to grow right here in Buffalo.”
Mayor Byron Brown said, “I want to thank Governor Cuomo and New York State for keeping and growing another business in Buffalo. My Administration continues to make Buffalo attractive for new businesses to relocate and for current businesses to expand. The expansion of TRS will help to promote our local and state economies, job creation and the long term viability of Buffalo. As Governor Cuomo has said, New York State is open for business.”
About ESD
Empire State Development is New York’s chief economic development agency and administrator of the statewide business resource portal New York First (www.NYfirst.NY.gov). The mission of Empire State Development is to promote business investment and growth that leads to job creation and prosperous communities across New York State. ESD also oversees the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information on Empire State Development, visit www.esd.ny.gov.
