The Board of Directors of Empire State Development approved funding of $24,928,640 on Thursday including $500,000 for Intercos America, Inc. of Congers. The Economic Development Fund grants awarded to firms across New York State is expected to leverage more than $116.5 million in additional investments to support business growth, create 236 new jobs and retain 784 jobs in the state.
Intercos America, Inc., which its began its cosmetics manufacturing operations in Congers, in 2001, currently maintains a 100,000-square-foot manufacturing facility on North Route 303 and leases a 195,000-square-foot warehouse in West Nyack. When the company determined its manufacturing capabilities needed to be expanded, it looked at relocating to New Jersey to cut costs. The grant of up to $500,000 will enable the company to stay in New York by providing money to renovate its facilities and add new machinery.
The grant ensures 176 jobs, which include 40 at its warehousing facility, will remain in Rockland County and that 45 additional jobs will be created by 2014. Intercos founded by Dario Ferrari in Italy in 1972 produces pressed powders, loose powders, lipsticks, lip glosses and other hot pour products as well as mechanical pencils and cosmetic markers.
Empire State Development (ESD) is New York’s chief economic development agency.