BUFFALO, N.Y. (WIVB) — New York State employees with pensions may not always know where their money is being invested, but New York’s comptroller highlighted one investment which he said will help the area.
A local company says thanks to Comptroller Thomas DiNapoli’s program, they’re able to stay in western New York — with all 600 local jobs included. DiNapoli revealed one investment from the In-State Private Equity Investment Program.
DiNapoli says the program — a fund with billions at its disposal — invested $10 million to help a West Seneca company keep its headquarters in western New York.
Multisorb turned to the state for a low-interest loan, and after vetting the application, the program granted the company a $10 million loan to help purchase full, local ownership of the business which fell to the hands of a trust set up on behalf of Multisorb’s founder who died five years ago.
“Today, we are the world leader in our industry. We are a global company, we have business all around the world,” James Renda, Multisorb president, said. “This is our world headquarters, our main manufacturing facility. We have a second site in Buffalo, in western New York.”
DiNapoli said although the goal is making money, they’re looking out for state interests as well.
“If we could do it in a way that creates or expands opportunities for businesses and for employment in New York, that’s exactly what we are looking to achieve,” he said.