Schenectady, N.Y., April 21, 2010 — Schenectady County officials today announced that Starfire Systems will relocate from the Saratoga County Town of Malta to the Tech Drive Business Park in the City of Schenectady. The move brings fifteen new jobs to Schenectady County.
Starfire has signed a lease to occupy approximately 10,000 square feet of vacant space at 2165 Technology Drive in Schenectady.
“The investment by high tech companies and small business into our community is the key to our continued economic growth,” said Susan E. Savage, Chairwoman of the Schenectady County. “I welcome Starfire Systems and thank them for choosing to invest in Schenectady County.”
Starfire has been in business for over 20 years after getting its start in the former RPI incubator. The company produces specialty materials including its patented polymer to ceramic technology. Starfire also produces ceramic compounds, coatings and prototype ceramic parts. Its products are used on in a variety of applications from the NASA Space Shuttle to the automotive industry.
The firm recently reached terms on a new round of equity investment led by Palladium Equity Partners based in New York City as part of its reorganization plan to emerge from Chapter 11 bankruptcy. Palladium will be the majority owner of Starfire Systems upon confirmation of the plan. The new investment is helping the company emerge from Chapter 11 bankruptcy protection that resulted from a severe downturn in the automotive sector which negatively impacted Starfire.
Andrew Skinner, CEO of Starfire Systems said, “Starfire looked at multiple locations in Upstate New York. We found a great building and a very welcoming environment in Schenectady County. The County’s economic development team showed us a number of locations and we are excited about being located on Technology Drive. Starfire is now positioned to focus on our core technology and executing our business plan that calls for us to be a leader in Polymer-to-Ceramic® materials.”
Ray Gillen, Commissioner of Economic Development and Planning in Schenectady County and Chair of the Metroplex Development Authority said, “When we are approached by firms like Starfire looking for production and office space, we are pleased to show them facilities in our County that might be a match. In this case, our matchmaking efforts will bring a tech company and fifteen new jobs to our community.”
County officials also announced plans to rebrand the Technology Drive area as the Tech Drive Business Park. Previously, the area was known as Riverside Technology Park and by several other names.
Other companies in the Tech Drive Business Park include: Astria Solutions Group, Northeast Analytical, M&P Labs, Frank Murken Products and Fortitech.
For more information see www.starfiresystems.com