NYBDC Helps Keep Manufacturing Business in Binghamton

Monday, December 16, 2013 / Published in Featured News, General News
NYBDC Helps Keep Manufacturing Business in Binghamton

Binghamton, N.Y. – Binghamton Mayor Matthew T. Ryan, members of the Binghamton Local Development Corporation (BLDC), First Niagara Financial Group and New York Business Development Corporation (NYBDC) recently welcomed Nielsen Hardware Corporation to its location at 71 Frederick St. The BLDC teamed up with First Niagara and NYBDC to help finance the spin-off venture earlier this year and keep Nielsen local.

"The City would like to thank Nielsen Hardware for renewing its commitment to our City by keeping their manufacturing operation right here in Binghamton," said Mayor Matt Ryan.  "Companies like Nielsen are providing the City well paying jobs that are helping to further strengthen our City."
Formerly a wholly owned subsidiary of Actuant Corporation, Nielsen Hardware is a supplier of highly engineered hardware solutions to military, telecom and industrial customers.  The company was in danger of being relocated elsewhere.  President and CEO Ranga Ranganathan negotiated a deal for the stock purchase of the manufacturer and relocated it from Hillcrest to Binghamton’s north side.
"Nielsen Hardware is an established brand with 'new' blood and strategy," said Ranganathan.  "A skilled and dedicated local workforce, availability of reasonable manufacturing space and the local infrastructure to facilitate growth were some of the main reasons for locating the business in the City of Binghamton."
"The BLDC was very happy to participate with our funding partners and Mr. Ranganathan to make this project possible in the City of Binghamton,” said BLDC Executive Director Merry Harris.  "The expansion of manufacturing is the type of economic growth we like to support." The Binghamton Economic Development Office assisted Nielsen Hardware in securing the new location.
"First Niagara is proud to partner with both the City of Binghamton and Nielsen Hardware and help make this project a reality," said Chester Schultz, Vice President of Commercial Banking for First Niagara. We are passionate about doing everything we can to support our communities and this project is an example of how strong collaborations truly make great things happen." 
"Both BLDC and First Niagara were extremely helpful, aggressive and business friendly in facilitating the financing for the transaction and keeping the business here in the community," said Ranganathan.  "We currently employ about 15 employees and hope to provide more manufacturing jobs in the future."
NYBDC President and CEO Patrick MacKrell said, "The New York Business Development Corporation is pleased to have collaborated with First Niagara Bank, the U.S. Small Business Administration and the City of Binghamton Local Development Corporation to provide a creative financing package for the purchase of Nielsen Hardware by Mr. Ranganathan.  NYBDC provides creative financing options to support entrepreneurs in New York State, and this is a great example of the coordination and creativity we provide in pursuit of our mission."
Contact: Jo Ann LeSage Nelson, Albany PR