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Empire State Development News |
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FOR RELEASE: IMMEDIATE
12/19/2007
Upstate Empire State Development Chairman Daniel C. Gundersen announced today that The Hartford Financial Services Group will invest approximately $22.8 million in a new facility, retaining 689 jobs within the state. To secure The Hartford’s commitment to the Mohawk Valley Region, ESD will provide a $500,000 grant toward capital investment.
“This project, with the retention of 689 jobs and a $20 million-plus investment in the community, is a vote of confidence for the Mohawk Valley,” Chairman Gundersen said. “ESD is committed to supporting the needs of companies that want to invest and grow in the region and we are pleased to work with The Hartford to realize a positive impact to the local Mohawk Valley economy.”
The Hartford plans to consolidate the two existing buildings into one new build-to-suit facility. Ryan Companies U.S., Inc is constructing the facility for The Hartford’s tenancy. The new facility will be part of the New Hartford Business Park development project. The Hartford seeks to occupy its new facility at the end of 2008. Prior to the company’s decision to remain in the Mohawk Valley, The Hartford considered other locations within its existing national portfolio for some of the functions now operating out of the New Hartford facility.
“The local Hartford team is excited about the opportunity to consolidate our Business Center into a new state of the art facility,” said Sandra Millen, vice president of service Operations at The Hartford. “We're proud to contribute to the development of the community.”
The Hartford, one of the largest U.S.-based global investment and insurance companies, has operated a range of business functions in New Hartford, N.Y., since 1976. The Hartford has grown organically over time in New Hartford and operations are currently situated in two facilities. The company has been evaluating the long-term strategy for their operations in New Hartford including facility modernization, to achieve better efficiency and increased productivity.
“The Hartford has been a strong and steady employer in the Mohawk Valley for many years,” said Steven J. DiMeo, President of Mohawk Valley EDGE. “We are pleased the company has made a commitment to invest in our region to support its future needs. We look forward to The Hartford’s new development, which will serve as an anchor for future growth of the New Hartford Business Park.”
Mohawk Valley Economic Development Growth Enterprises Corporation, a private, not-for-profit corporation that serves the economic and development needs in Oneida and Herkimer counties, also assisted in the retention of The Hartford in the region.
Empire State Development is New York’s chief economic development agency, encompassing business, workforce and community development. ESD also oversees the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information, visit www.nylovesbiz.com.
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