ITT Inc. Partners with Empire State Development for $85M Investment and Job Creation

Deal News | Dec 30, 2024 | New York Ventures Inc

Empire State Development (ESD), New York's chief economic development agency, has announced a strategic partnership with ITT Inc., a leading multi-national manufacturer. This collaboration is set to boost ITT's operations across three key locations in New York State: Seneca Falls, Onondaga, and Erie Counties. ITT Inc. will invest up to $85 million from 2025 to 2029 in facility upgrades, machinery, and other operational improvements aimed at bolstering its workforce and enhancing productivity. This investment will also create up to 75 new jobs and is supported by ESD's $3.25 million through the performance-based Excelsior Jobs Tax Credit program. This initiative aligns with Governor Kathy Hochul's commitment to revitalize New York's manufacturing sector, supporting nearly 420,000 jobs and contributing significantly to the state's GDP.

Sectors

Manufacturing
Economic Development

Geography

United States – The investment and operations discussed are taking place in New York State, a key economic region in the United States.
New York State – The focus of the investment and job creation is specifically within multiple counties in New York State.

Industry

Manufacturing – The article describes investment in the manufacturing operations of ITT Inc. in New York State, highlighting the sector's significance in job creation and economic growth.
Economic Development – Empire State Development's involvement in the investment underscores its mission to promote economic growth and job creation in New York State.

Financials

$85 million – Investment in capital expenditures across ITT's facilities in New York State from 2025-2029.
$3.25 million – Provided by ESD to ITT through the performance-based Excelsior Jobs Tax Credit program to support expansion.

Participants

Name	Role	Type	Description
Empire State Development (ESD)	Economic Development Agency	Government	New York's chief economic development agency, promoting business growth and job creation.
ITT Inc.	Target Company	Company	A multi-national manufacturer involved in the investment for facility improvements and job creation in New York State.
Governor Kathy Hochul	State Governor	People	The Governor of New York State, whose leadership is credited with the revival of the manufacturing sector.