Altman Lighting plans LED restructuring project in Yonkers
Yonkers IDA has agreed to negotiate an economic incentive package with Altman Lighting to enable a $4.6 million modernization plan that will see the company upgrade its LED lighting capabilities.
The incentives would help facilitate the company’s ambitious plan to upgrade its 57 Alexander Street facility in Yonkers and modernize the plant to produce state-of-the-art, energy-efficient LED lighting systems.
“Altman Lighting’s decision to invest in cutting-edge, environmentally-friendly technology makes it exactly the right kind of company we should support,” said Yonkers Mayor Philip Amicone. “Altman Lighting is a legend in the theatrical lighting industry and Yonkers is proud that it calls our City home.”
The $4.6 million project entails retiring most of Altman Lighting’s existing manufacturing equipment, and installing new LED-driven technology, machinery and equipment, while also making heavy investments in training its workforce to have the necessary skills to use these state-of-the-art systems. The project is expected to protect all 103 jobs at the facility while creating up to 10 more jobs.
Altman Lighting, founded more than a half-century ago by Charles Altman, is a leader in manufacturing custom-made lighting systems used by a variety of entities such as the Blue Man Group theatrical production, the Museum of the City of New York and the Las Vegas Natural History Museum, as well as numerous corporate offices and restaurants around the world.
Last June, Altman Lighting partnered with Mandalap Enterprises, LLC to manage the day-to-day operations of the company and to restructure and develop the latest technologies in order to implement business strategies for a turnaround.
Altman Lighting’s project is part of a larger ongoing series of initiatives that will restructure and modernize the company’s entire 100,000 square foot facility, allowing it to maintain its preeminent position in the industry. In fact, with the IDA’s assistance, the modernization program will enable Altman Lighting to build many products in Yonkers that were previously manufactured in China.
An IDA incentive plan could include a mortgage recording tax exemption, a sales and use tax exemption and a long-term property tax agreement. Following a public hearing, a final resolution on the project must come back to the Yonkers IDA board for approval. If finally approved, work could begin by this spring.
Ellen Lynch, president and CEO of the Yonkers IDA said, “Our goal is to come up with a responsible incentive package that will allow Altman Lighting to generate economic benefits for Yonkers and our hardworking families for many years to come.”