The Town of Islip has agreed to offer an incentive package to a high tech manufacturer looking to expand into mass-market production.
Photonics Corp., a Bohemia-based manufacturer of lasers used in the production of semiconductors and other electronics, anticipates growing its workforce to meet an estimated $30 million in sales next year.
At a meeting today, Islip Town Supervisor Tom Croci said that the Islip Industrial Development Agency has approved an preliminary inducement measure that will allow Photonics Corp. to purchase a 50,000 s/f building in Ronkonkoma.
He said the incentive package could include a property tax-abatement and sales tax and mortgage-recording tax exemptions.
Photonics, which is purchasing 1860 Smithtown Ave., Bohemia, from CVD Equipment Corp. said it intends to expand its operations from its current nearby facilities with only 16,s/f in a bid to expand into mass production and lower its costs, allowing it to compete more effectively.
The company, which also has a 130,000 s/f facility in Suzhou, China, also plans to use the new space for research and development. The company opted to expand in Islip rather than in China.
A graduate of the Stony Brook University High Technology Incubator, Photonics, has indicated in its IDA application that within two years it anticipates increasing its workforce to 85 full-time employees and 15 part timers from their current 50 and 11, respectively, doubling its current annual payroll to $5.8 million also indicated its sales could rise over the two years from $11.4 million to $30 million.
“These are high-tech jobs, exactly what the Town Board asked for,” Croci said.