South American Firm Looks To Acquire Former Copper Manufacturer; Deal Hinges On Tax Concessions
Published: May 31st, 2011
By: Melissa Stagnaro

South American firm looks to acquire former copper manufacturer; deal hinges on tax concessions

SHERBURNE – Sherburne Metal Products may soon get a new lease on life thanks to a Peruvian copper manufacturer.

According to Commerce Chenango Economic Development Specialist Jennifer Tavares, Tecnofil S.A. is interested in purchasing the Sherburne business, which has been shuttered since its owner, David Harvey, died in 2009. The South American corporation, which is headquarted in Lima, Peru, has requested tax concessions, including sales and use tax exemptions and a Payment in Lieu of Taxes (PILOT) agreement, from the Chenango County Industrial Development Agency.

The deal hinges on these concessions, Tavares said.

“They need to see if they are granted the benefits before they close on the acquisition,” she explained, to the CCIDA board earlier this month.

According to documents provided to the CCIDA, Tecnofil plans to invest $2.5 million to acquire the now defunct company’s assets and the roughly 15.87 acres on which it sits; install new equipment; and make needed repairs and upgrades to the facility. The investment will lead to the creation of 24 new full-time jobs in the first two years, with as many as 70 more projected to be created by the end of 10 years. The annual payroll for the initial 24 positions is projected at $1,010,000.

The company also anticipates four construction jobs will be created or retained as a result of the project.


The Evening Sun

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