Moley Magnetics approved for expansion

In an update from our previous item from last month:

Moley Magnetics was approved last week for a 15-year tax break it will use for an accompanying expansion to its Lockport, NY facility.

The aforementioned manufacturer, supplier, and repair company of electric motors, among a full line of other products including magnets, shears, grapples, track pads, and more, was granted the 15,000-square foot area next to its existing facility, where it plans to build an expansion to the plant. The project is expected to cost $1.12 million and generate up to 40 jobs within the next five years, for a company that currently has 21 employees. Expected incentives are worth an estimated $226,000.

Buffalo- based Moley serves the scrap, demolition, railroad, recycling, and distribution industries as well. Their sales have quadrupled since 2011, despite being a company that began with less than ten employees. The company was previously granted a tax break in 2011 after purchasing the initial property in the Lockport industrial park. The expansion is a 1.4-acre lot adjacent to the current plant. PILOT (payment-in-lieu-of-taxes) arrangements are being provided as part of the grant.

The new positions at Moley Magnetics’ facility expansion are expected to include machinists, welders, engineers, electricians, and salespeople and will be available for local citizens.

The pharmaceutical packing company Gooding Co. and construction equipment repair facility Lacey Heavy Equipment also received incentives, which were voted in last week by the town of Lockport’s Industrial Development Agency.

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