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July 15th, 2008

A sweet IBM deal

Abstract:
IBM, with the help of state taxpayers, will pour more than $1.6 billion into expanding the company's chip manufacturing and research operations. The effort is expected to create at least 325 new jobs at the University at Albany's nanotechnology center and another 675 at a separate facility upstate, Paterson administration officials said Monday.

IBM will invest $1.5 billion and the state will provide $140 million in what one state official, who declined to be named, said was the biggest return on investment ever for a New York economic development incentive package.

The money will be used to expand IBM's chip manufacturing and keep its research efforts in New York state.

Source:
timesunion.com

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