Empire State Development is giving a $480,000 loan to an entity controlled by the City of Lockport to help fund the renovation of a portion of the former Harrison Radiator plant that will become the new home of a circuit board manufacturer.
The loan will help pay for renovations to 16,000 square feet of space at 210 Walnut St. that will be used by Trek Inc., a company that makes testing equipment for the semiconductor industry and its subsidiary, Torrent Inc., which is relocating from Orchard Park.
Both Trek and Torrent had considered moving out of state, prompting state officials to offer incentives that are expected to help retain 22 jobs and create 14 new positions as the two businesses consolidate their operations at a single site.
Once the renovation project is completed in November, Trek and Torrent will occupy a total of 64,000 square feet of space at the sprawling Harrison Radiator site, which now is owned by a for-profit subsidiary of Greater Lockport Development Corp.
Empire State Development also approved a $230,000 grant to Seal & Design, a Clarence manufacturer, to reimburse it for some of its cost related to a $4 million expansion project. The state also has offered the company up to $270,000 in Excelsior tax credits for an expansion that is expected to retain 75 local jobs and create 14 new ones.
The manufacturer of gaskets, seals and O-rings already has added six new jobs as part of a $3 million expansion, completed in June, that nearly doubled the size of its Clarence plant.