Tech Valley News
Momentive Selects Global HQ Site in Tech Valley
Momentive Performance Materials Inc. announced today that the Rensselaer Technology Park located on Route 4 in North Greenbush, NY has been selected as the site for its state-of-the-art Technology Center and Global Headquarters.
Construction of the Technology Center, which will be financed in part by a developer, is expected to begin in late 2010 and will result in approximately 150 construction-related jobs. The Company is in the process of preparing a detailed bid package and will be soliciting bids, later in the year, from developers. The Rensselaer Technology Park is associated with the Rensselaer Polytechnic Institute.
The new facilities will employ 250 people with a total annual payroll of approximately $38 million. The Technology Center will cost approximately $75 million and will employ 130 people. The Company’s global headquarters building will be constructed following completion of the Technology Center at a cost of approximately $16 million. The headquarters will employ 120 people. It is expected that approximately 125 of the jobs will be new to the Capital Region, in addition to 25 positions Momentive has already added to its global headquarters. Momentive relocated its global headquarters from Wilton, CT to the Capital Region on August 1, 2008. The Company’s interim global headquarters is located at 22 Corporate Woods Boulevard in Albany, NY.
“We strive to make our customers successful,” said Jonathan D. Rich, President and CEO for Momentive. “To continue to meet and exceed our customers’ needs, we need a world-class Technology Center for our top-notch talent to design and develop innovative products in order to compete in this highly competitive industry.” Momentive currently has multiple research and development facilities globally, including a 60-year-old center in Waterford, NY.
“We are pleased to welcome Momentive to the Rensselaer Technology Park, and we applaud their commitment to Tech Valley to build a critical mass of technology infrastructure” said Rensselaer President Shirley Ann Jackson. “This is a forward-looking and strategic move for Momentive, and it positions the company for future growth as a global leader in the silicones and advanced materials industry.”
“Major investments like this and the jobs this move will create will be crucial to our success,” said New York State Assembly Majority Leader Ron Canestrari. “I welcome the construction of Momentive Performance Material’s technology facility and global headquarters at the Rensselaer Tech Park and am encouraged by the company’s continued commitment to Tech Valley.”
“I commend Momentive Performance Materials for continuing to expand their business right here in Tech Valley,” said Rep. Paul Tonko. “I am pleased to partner with Momentive to enhance our local innovation economy which is the foundation for our workforce of the future.”
“The Rensselaer Technology Park is the ideal location for our world-class Technology Center,” said Rich. “Selecting the site is one of several important steps to make this project a reality. We are looking forward to strengthening our relationship with Rensselaer and calling the Tech Park home.”
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