Multi Million Dollar Merger Announced
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Updated: September 20, 2010
Canandaigua, NY--"This will create capital investment. This will create jobs," said Chairman and CEO of the Empire State Development Corporation, Dennis Mullen.
The state is investing $10 million to merge the Canadaigua-based Infotonics Technology Center and the Albany-based College of Nanoscale Science and Engineering.
"Government has been continuously challenged by the private sector saying take cost out of the system, maximize the utilization of our assets, we're doing just that," added Mullen.
The merger means a name change.
Both locations will now be called smart systems technology centers.
The merger also means Infotonics will have more resources to help small and medium sized companies develop and market new technologies.
"There are tremendous opportunities for economic development in smart device technologies and they can only be captured if the investment in high tech. infrastructure occurs," said Infotonics CEO Paul Tolley. "New York will be the one-stop-shop for lab. development for smart devices," added the CEO.
