YONKERS, NY – The Yonkers Industrial Development Agency (IDA) has agreed to negotiate an economic incentive package with Altman Lighting, Inc., as it pushes toward U.S.-based LED manufacturing. Charles Altman founded the company in 1953. Last June, Altman Lighting partnered with Mandalap Enterprises, LLC to manage the day-to-day operations and to aim for new business growth. The lighting company is now looking to revamp its entire 100,000 square foot manufacturing facility with a new $4.6 million investment.
The support from Mandalap Enterprises and incentives from Yonkers IDA promises to protect all 103 jobs at the facility while creating up to 10 more jobs, for nearly a 10 percent increase in employment.
The project entails retiring most of Altman Lighting's existing manufacturing equipment and installing all-new LED technology, machinery and equipment, with additional investments in worker training.
"Altman Lighting is a legend in the theatrical lighting industry, and Yonkers is proud that it calls our city home," said Yonkers mayor and IDA chairman Philip A. Amicone. "Altman Lighting's decision to invest in cutting-edge, environmentally-friendly technology makes it exactly the right kind of company we should support," he added. "We will work with Altman Lighting and its new management team to reach a fair agreement that will allow this company to be competitive for the next half century while protecting and growing vital jobs and tax revenue for our city."
"Providing an economic environment that allows a company to adapt and compete in the in ever-changing economy so that it can provide long-term economic benefits to our community goes to the heart of the Yonkers IDA's mission," said Ellen Lynch, president and CEO of the organization. "Just as important, if not for the IDA's assistance, Altman Lighting's modernization plans would stall. Now, the Yonkers IDA will help ensure that its plans will be realized. Our goal is to come up with a responsible incentive package that will allow Altman Lighting to generate economic benefits for Yonkers and our hardworking families for many years to come."
For more information, please visit www.altmanltg.com.
