Newtex Industries Inc., a Victor, N.Y.-based manufacturer of heat- and fire-resistant performance textiles, will expand and upgrade its Victor facility to support the companys new Z-Flex aluminized fabric line.
The upgrades, including new coating and cutting machines, will allow the manufacturer to expand production and perform new operations at the facility, according to the Ontario County Economic Development Corp.
State and local sources are providing a large portion of the funding for the $720,000 project.
The Ontario County Economic Development Corp. (EDC), a not-for-profit corporation formed earlier this year to co-manage the countys Revolving Loan Fund, closed on a $350,000 loan to Newtex last week. The organization enlisted the support of PathStone, a regional community development organization, which approved a $200,000 loan, and Empire State Development Corp., which is providing $110,000 in funding. Newtex is making a $60,000 equity investment in the project.
"We are pleased to assist Newtex in taking their business to the next level and expanding production in Ontario County," said Joe Bridgeford, chairman of the Ontario County EDC. "This is an excellent example of how public-private partnerships can be formed to support forward-thinking companies and create new jobs with state-of-the-art technology in our communities."
Newtex anticipates that the project will create more than 10 jobs over the next three years.