Tax-aided Cox & Co. shows off wind tunnel
An employee-owned company in Plainview showed its state-of-the-art wind tunnel Thursday to officials who helped it reap tax credits and expand.
Manufacturer Cox & Co., an aerospace company that creates parts for aircraft subject to extreme cold and wind, showcased a wind tunnel that simulates flying conditions with temperatures down to 22 degrees below zero and winds up to 200 miles per hour.
The company last year got a tax credit of $267,574 from the Empire State Development Corp. of New York; the money, Cox said, helped it create 20 new jobs and purchase new equipment, including environmental test chambers and a new fan for its wind tunnel.
Over 10 years the company plans to use the money to create a total of 219 jobs. Empire State Development estimated the jobs the company expects to create will generate about $87 million in payroll over the next decade.
Officials visiting the company said they were pleased Cox was turning the state aid into jobs.
"This is a home run. When we first started, this was what we had in mind, especially in terms of advanced manufacturing," said Stuart Rabinowitz, co-chairman of the Long Island Regional Economic Development Council and president of Hofstra University.
"To have a company that is selling to other parts of the country and is bringing money back into the region is where Long Island's future has to go."
The tax credits, issued as part of the Excelsior Jobs Program created last year by Gov. Andrew M. Cuomo, were given as part of a state initiative to reinvest in "strategic industries" such as biotech and high-tech manufacturers.
Cuomo created 10 regional councils charged with formulating a business development strategy for their respective regions. The Long Island regional council wrote the job-creation plan that led to $101.6 million in state funds awarded to the Island in December for economic development.
Cox is unusual in that its employees are also stockholders. "I'm one of the few CEOs who gets to meet with all the shareholders every day," said chief executive Steven Landry.
In 2007 the company was looking to relocate from its Manhattan headquarters. Empire State Development offered the space that is now the company's headquarters in Plainview.