December 22 2017

CEG Economic Development Week in Review – December 18 – December 22, 2017


Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:


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GlobalFoundries looking forward to MTEC project

“GlobalFoundries says it is looking forward with plans to build MTEC, a semiconductor manufacturing testing and training center planned for Saratoga County.

The project received a $1.7 million state grant on Wednesday from the state economic development council awards.”

Shmaltz Brewing raising money to expand its production, brand names

“Shmaltz Brewing Co. in Clifton Park, New York, the craft brewery known for its cheeky names for beers with Jewish themes, is raising money to expand.

Jeremy Cowan, owner of Shmaltz, said the money will help the brewery expand brand names and efficiency. Cowan declined to say how much the brewery is raising.”

Stored Technology Solutions seeks to double or triple space

“The president of Stored Technology Solutions hopes that the $380,000 grant awarded Wednesday by the governor’s Regional Economic Development council will allow the company to build a plant in Glens Falls that is double or even triple the size of its current home.

“We have a commitment to the region and we’re going to be excited about putting a new headquarters here, hopefully closer to the (Interstate) 87 corridor, but location to be determined,” said Mark Shaw, also the company’s founder.

Former DiSiena Furniture could be manufacturing incubator

“The former home of DiSiena Furniture in Mechanicville could be transformed into an incubator space for fledgling manufacturing companies.

Tony Hynes, founder and CEO of Precision Valve & Automation, plans to buy the site and convert it into a space for small startups. With help from the Saratoga Economic Development Corporation, he filed an application with the Mechanicville Stillwater Industrial Development Agency in early December.”

HVCC wins $1.5M for manufacturing training center

“Hudson Valley Community College won a $1.5 million grant toward construction of its new manufacturing training center.

The federal money, from the U.S. Department of Commerce, comes just a week after HVCC was awarded $2.9 million award from Empire State Development for the new training center.”

Sales at GlobalFoundries continue to improve as tech advances

Sales of computer chips by GlobalFoundries continued to increase in early 2017 as the company rode the wave of technological advances at its Fab 8 computer chip factory in Malta, home to 3,100 employees.

Although GlobalFoundries does not publicly reveal its sales or profits, its owner, the Abu Dhabi-based Mubadala Investment Co., does disclose its financial results every six months.”

Funding Partners