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Rich Products gets $2 million state grant

Rich Products Corporation has received a grant of up to $2 million from Empire State Development to help pay for the company’s expansion of its research and development operations and its new Customer Innovation Center.

The state said the project allows the food producer and manufacturer to expand locally, retaining 651 jobs and create 74 new jobs.

Rich Products’ construction and renovations project was one of nine across the state that the Empire State Development board approved, spending almost $9 million to fund projects that are expected to stimulate economic growth and opportunities.

The Rich Products’ grant will be used as reimbursement for a portion of the costs of construction and renovation for the creation of the Customer Innovation Center and the expansion of its research and development operations.

The company had considered sites outside of New York State for its expansion, including Hong Kong, Florida and Toronto, according to Empire State Development. But the agency offered an incentive package that included the $2 million capital grant and up to $1,662,500 in credits from Excelsior Jobs Program to retain 651 jobs in Buffalo and 918 positions statewide. With the addition of 17 new jobs, the credits were increased to $2,938,250.

The ESD board also granted $1 million to the SUNY Research Foundation Center for Computational Research at the University of Buffalo to help with the cost of expanding the high performance computing infrastructure at the New York State Center for Excellence in Bioinformatics and Life Sciences.

email:esapong@buffnew.com