Improved outlook spurs company

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WHITESTOWN — S.R. Sloan, Inc., is planning to add production capacity thanks to an improved economy and an expanded product line. Family-owned Sloan, 8111 Halsey Road, is a wood truss, wall panel and custom stair manufacturer.

“We’re happy to be back on our game,” Melissa Cummings of Sloan told Oneida County Industrial Development Agency board members Friday as she outlined the firm’s request for incentives. The business plans to add 18,000 square feet of manufacturing space and then equip it. The company wants to add another prefabricated wall panel production line and install a large saw. The estimated investment is $1.8 million. Construction may start as soon as mid-June.

She said the company had record sales last year as it continued its rebound from the Great Recession. Cummings said the recent expansion into wall panels has been a good move for Sloan.

IDA board members gave preliminary approval for a payment-in-lieu-of-taxes agreement, sales tax break on materials and equipment, and state mortgage tax exemption. The company was approved for $167,640 in property tax breaks over 10 years on the incremental assessed value, $31,235 in sales tax exemption and $5,560 in mortgage tax exemption.

“We’re pleased that business can justify this request,” said IDA Chairman David C. Grow.

The incentives won’t be final until an as-yet-unscheduled public hearing is held and then the IDA directors vote again on the package. In return for the assistance, Sloan is pledging to create eight jobs over two years. “Hopefully it will be more,” said Cummings. There currently are 61 employees.

With assistance from the IDA, Sloan moved its main plant and offices to Whitestown from New Hartford nearly 10 years ago when it needed more space. It also has a facility in Orwigsburg, Pa. Cummings said although there is space at the Pennsylvania location for additional equipment, the company preferred expanding the Whitestown facility. She said there are 31 employees in Orwigsburg.

Chip plant agreement

Also at last week’s meeting, the IDA directors approved a resolution that solidifies equipping the plant to be built for ams AG at the Marcy Nanocenter. Austria-based ams hopes to start commercial production of wafers for computer chips in early 2018. Some of the costly production equipment will be owned by landlord Fort Schuyler Management Corp. while ams will own the remainder.

Construction is expected to start later this spring. The IDA had previously approved a package of incentives to support the chip plant’s construction.

Audit accepted

The board also voted to accepted the independent audit for 2015.

“The opinion on your financial statements is as good as it gets,” said John F. Howard, a partner at Barone, Howard & Co. certified public accountants.

The agency had “functional expenses” of $253,010 last year, up nearly $42,000 from 2014, said the audit.

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