IDA OKs tax concessions for Tecnofil S.A.

SHERBURNE – The Chenango County Industrial Development Agency has granted tax concessions to a Peruvian copper manufacturer seeking to acquire Sherburne Metal Products.

“It’s absolutely going to be an economic boost to Sherburne on many fronts,” CCIDA Interim Executive Director Sewain Conklin said of the decision, which was rendered Wednesday at the agency’s June meeting, held at 8 a.m. in the Commerce Chenango offices.

Sherburne Metal Products closed in 2009 following the death of its owner, David Harvey, putting approximately 30 people out of work. Earlier this year, the CCIDA learned Tecnofil S.A., a South American manufactuer of copper and copper alloy products headquartered in Lima, Peru, was interested in acquiring the now defunct company’s assets.

According to Economic Development Specialist Jennifer Tavares, the deal hinged on the CCIDA’s willingness to grant tax concessions, including sales and use tax exemptions and a Payment in Lieu of Taxes (PILOT) agreement.

Tecnofil’s request to the CCIDA stated the company’s intention of investing $2.5 million to acquire the Sherburne Metal Products’ assets; install new equipment; and make needed repairs and upgrades to the facility. The project is expected to 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 4 construction jobs will be created or retained as a result of the project.

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