Moley Magnetics, which has received two previous tax breaks from the Town of Lockport Industrial Development Agency, received another one Thursday - this time to buy and expand another company.
Moley is buying EZ-Entry Door for $730,000, according to the IDA application. It will operate the industrial, commercial and elevator door manufacturer as a separate business under the name of JNR EZ-Entry Door, according to Marc R. Smith, town economic development coordinator. Both companies are located in the town industrial park.
The door company's workforce is to be increased from 11 to 21 in two years. Ronald F. Slaby Jr., Moley's vice president, said EZ-Entry's sales are dropping and it is "frankly at risk," but he was confident Moley can turn it around.
The incentive package will save the company an estimated $131,000 over 15 years.