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State Invests Millions in Ithaca Company
Ithaca (WENY) -- New York Comptroller Thomas DiNapoli announced the state will invest $2.5 million from the state pension fund in Ithaca-based high tech printing company, Cognitive TPG. It's part of the In-State Equity Program, which DiNapoli says has created more than 3,000 jobs. DiNapoli says any investment carries a certain amount of risk, but this program only picks businesses with good track records and plans for growth that are committed to New York.
"I think the message is that there still are growth opportunities here in this part of the state, and we need to be looking for those great opportunities and supporting them," said DiNapoli.
"This is the kind of investment opportunity we like to see where it's a company with a strong commitment to the state," said DiNapoli. "They're not going anywhere -- they want to grow the business, and they have a strong plan to do it."
The In-State Equity Program is designed to provide investment returns consistent with the risk of private equity, and at the same time, provide more capital to New York businesses.
"It's freeing up capital for us to create more product lines, and as those lines grow, it's supporting staff, who will grow with it," said Cognitive TPG's President, Kyle Turner. "While I don't have a number for the projected long term growth, we do anticipate significant growth as we launch these new products."
DiNapoli says Sikorsky's decision to close its Big Flats plant highlights the importance of investments like this in the area.
"It's really not good news when you have a significant closing that results in job loss," said DiNapoli. "It really, though, underscores the importance of our continuing to be very serious about providing more capital for investment in companies that have a growth plan for the future."
Since the In-State Equity Program was founded in 2000, there have been 258 investments in New York companies, and they've raised nearly $4 billion in capital.