A $5 million project to expand Diversified Manufacturing’s metal fabricating plant in Lockport wrapped up Thursday, making it the first project that received funding from a recently created New York Power Authority economic development fund to be completed.
The 45,000-square-foot expansion, which allows for the retention of 130 employees at the 410 Ohio St. plant, received $450,000 from the New York Power Authority in May 2013 through a program that set aside millions of dollars from the sale of unallocated Niagara Power Project hydropower for use on economic development projects in the Buffalo Niagara region.
“The completion of this expansion project is a significant achievement for Diversified Manufacturing and the regional economy,” Cuomo said in a statement. “This project is a testament to how state government is supporting local businesses and creating new economic opportunities for New Yorkers.”
The project also received aid from the Niagara County Development Corp. in the form of a seven-year, $400,000 loan, along with tax breaks from the Niagara County Industrial Development Agency.
Diversified Manufacturing provides engineering services for the power generation, aerospace, medical and pharmaceutical sectors, among other industries.
The project allowed Diversified Manufacturing to build a 45,000-square-foot addition to its 120,000-square-foot Lockport plant, which employs 130 people. Some of the funding also allowed for upgrades to equipment in the plant.
“It is concrete proof that we’re on the right track,” NYPA Chairman John R. Koelmel said.