Nassau County Executive Edward P. Mangano and the Nassau Industrial Development Agency (IDA) announced the approval of an economic development compact that allows a local medical technology company to triple the company’s employment while keeping 35 jobs on Long Island.
The project is expected to produce more than $121 million in economic benefit for the area.
The deal assists Great Neck-based Genadyne Biotechnologies Inc. in renovating and retrofitting two buildings, in Great Neck and Hicksville, allowing its recently formed affiliate, Lucina Advanced Care, Inc., to manufacture new advanced breast pumps which can be more easily used than any existing models.
Genadyne had considered moving all of its operations to the Florida facility. Genadyne anticipates spending more than $1 million to renovate and equip the properties.
Genadyne Biotechnologies, which has been in Nassau County since 1992, develops and manufactures wound healing therapy systems and sleep therapy equipment.
“This is a win-win for Nassau County,” said IDA Executive Director Joseph Kearney. “Not only are we keeping Genadyne, a company that we have identified as a flight risk, but we are assisting in the creation of numerous jobs from the start up of its new Lucina business.”