Category Archives: Business News

Greenfield Manufacturing Inc. (GMI) is preparing to nearly double its 2016 expansion, investing another $2.5 million to add product innovation, production and materials warehouse and packaging facilities to its Saratoga Springs-based chemical manufacturing and services facility, according to the Saratoga Economic Development Corp. (SEDC).

The investment will retain its 13 employees and add seven additional full-time employees, according to SEDC, which has been leading the company’s request for local incentives of nearly $459,000.

“It’s always great seeing entrepreneurs grow their business, and it is especially satisfying to support GMI’s continued growth in Saratoga,” said Dennis Brobston, SEDC president.

“This is a prime example of why we focus first on homegrown small business because as they continue to innovate, they are more likely to expand here and our communities retain their talent, investments and job creation. We will continue promoting the area to attract companies relocating here, but as we noted in launching Spark Saratoga, boosting area entrepreneurs to grow business is a far more efficient path to grow future opportunities and investments,” he said.

GMI was established in February, 1998 in Corinth as a competitive custom chemical manufacturer of specialty lubricants and additives that improve materials performance. It continues serve major clients like Dow Chemical, Momentive Performance Materials, General Electric and Castrol.

In response to the recent cyberattack that exposed the personal private data of nearly 150 million consumers nationwide, the state Department of Financial Services has proposed a regulation making credit-reporting agencies have to register with New York for the first time and comply with this state’s first-in-the-nation cybersecurity standard.

The annual reporting obligation also provides the DFS superintendent with the authority to deny and potentially revoke a consumer credit reporting agency’s authorization to do business with New York’s regulated financial institutions and consumers if the agency is found to be out of compliance with certain prohibited practices, including engaging in unfair, deceptive or predatory practices.

“A person’s credit history affects virtually every part of their lives and we will not sit idle by while New Yorkers remain unprotected from cyberattacks due to lax security,” Gov. Andrew Cuomo said. “Oversight of credit reporting agencies will help ensure that personal information is less vulnerable to cyberattacks and other nefarious acts in this rapidly changing digital world. The Equifax breach was a wake-up call and with this action New York is raising the bar for consumer protections that we hope will be replicated across the nation.”

Under the proposed regulation, all consumer credit reporting agencies that operate in New York must register annually with DFS beginning on or before Feb. 1, 2018 and by Feb. 1 of each successive year for the calendar year thereafter. The registration form must include an agency’s officers or directors who will be responsible for compliance with the financial services, banking, and insurance laws, and regulations.

A leader of an influential semiconductor trade association will deliver a keynote address at the second annual Saratoga County Prosperity Summit to be held Thursday, Nov. 16 at the Saratoga Springs City Center.

With a theme of “Exploring the Next Wave of Opportunity for Saratoga County,” the event will also feature comments from CEOs of top technology firms with a presence and impact in the region.

Jodi Shelton, co-founder, president and board director of the Global Semiconductor Alliance (GSA) will speak to attendees about the significant impact and importance of the region’s technology sector, led by the continued growth of GlobalFoundries and its Fab 8 advanced manufacturing facility in Malta.

She will also discuss emerging trends in the worldwide semiconductor market, and highlight opportunities for businesses in Tech Valley and across the Northeast to capitalize on the integration of computer chip technology in nearly every industry.

“We are delighted to welcome Jodi Shelton, a recognized and respected leader in the global semiconductor industry,” said Marty Vanags, president of the Saratoga County Prosperity Partnership. “Her perspective will provide vital insight that is perfectly aligned with our focus: ensuring that businesses and the regional economy are well prepared for the next wave of semiconductor-driven economic opportunity and growth.”