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Ogdensburg's Hoosier Magnetics gets $100K North Country Economic Development Fund loan for upgrades

Posted 6/2/15

OGDENSBURG -- Hoosier Magnetics will get a $100,000 five-year for equipment upgrades from the North Country Economic Development Fund. “One project is to replace its calciner, a piece of equipment …

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Ogdensburg's Hoosier Magnetics gets $100K North Country Economic Development Fund loan for upgrades

Posted

OGDENSBURG -- Hoosier Magnetics will get a $100,000 five-year for equipment upgrades from the North Country Economic Development Fund.

“One project is to replace its calciner, a piece of equipment used to process the ferrite powder, where the chemical reaction that makes the powder takes place,” New York Power Authority Spokesman Steven Gosset said. “The company will also purchase a second dust collector, which will lower emission rates far below state standards and enable the company to ramp up its production rates.”

The company, which employs 30 people, is the first in St. Lawrence County to get money from the fund.

The loans are available for manufacturers, agri-business, clean and green bio-technology firms, assemblers and wholesale distributors, warehouses for the purpose of acquisition of land, building construction, and rehabilitation and for the purchase of machinery or equipment. Funding is also available for business improvement districts and not-for-profit entities eligible to apply for community revitalization projects.

The $10 million loan fund was established last August to provide low-cost loans to businesses expanding their facilities and creating or retaining jobs in the North Country. The fund results from a long-term power contract between NYPA and Alcoa, which has been a NYPA customer since the St. Lawrence-FDR Power Project in Massena went into commercial operation in 1958.

“This funding will enable Hoosier to upgrade its equipment and vigorously compete with suppliers of ferrite powder in other countries,” said Patrick Kelly, CEO of the St. Lawrence County Industrial Development Agency, which coordinated the packaging of the NCEDF loan along with funds from the St. Lawrence River Valley Redevelopment Agency and Ogdensburg Growth Fund to assist with the project.

“We’re gratified that Hoosier has placed its faith in Ogdensburg for more than 30 years and we look forward to being a part of their future growth and prosperity,” said Scott Wright, chairman of the Ogdensburg Growth Fund.

“Hoosier Magnetics appreciates the support we receive from our stakeholders in the North Country. This loan will permit us to replace aging equipment and improve productivity as we strive to compete in the global marketplace,” said B. Thomas Shirk, Hoosier Magnetics president and CEO.