Nassau County Executive

Mineola, NY - Nassau County Executive Thomas R. Suozzi today lauded the $50.5 million deal to keep Photocircuits, the largest employer on the North Shore, in operation in Nassau County.

Photocircuits, the Glen Cove-based manufacturer of printed circuit boards, filed for bankruptcy in October. American Pacific Financial Corp. (Ampac), the San Bernadino, California investment firm that is buying the company, has agreed to keep the company here in Nassau County. The county worked hard to help close the deal, offering various incentives.

“I am delighted that Photocircuits is remaining in Glen Cove, where it has operated for 55 years,” Suozzi said. “Of greatest importance, of course, is the determined effort to continue to keep as many of the present 850 jobs as possible. Nassau County, the City of Glen Cove, the County’s Industrial Development Agencies and our non-governmental partners such as LIPA are committed to continue to provide all available incentive packages and energy cost assistance. This is a real coup, especially considering the increased competition for manufacturing jobs in other parts of the country and abroad. It proves that if the public and private sectors work together and think creatively, we all benefit.”

Ampac will pay about $35.5 million for the company’s assets, as well as $3.6 million in debt assumption, $5.5 million in seller’s notes, and $6 million in working capital for new equipment and renovations, Ampac officials said.

“I am very pleased that Ampac has purchased Photocircuits and will keep the business open and operating in Glen Cove,” said Glen Cove Mayor Ralph V. Suozzi. “The City has worked very hard over the past two years to guarantee that the 850 jobs remain at Photocircuits. We extend our gratitude to Governor George Pataki, Empire State Development Chairman Charles Gargano, Nassau County Executive Tom Suozzi and LIPA for joining Glen Cove in this successful collaboration that resulted in the retention of this important industry. We welcome Ampac and look forward to working with them toward our mutual goal of economic growth and success.”

Discounts from the Long Island Power Authority were also a major factor in Ampac’s decision to buy Photocircuits, Nassau County’s largest consumer of electricity.

Photocircuits is emerging from a difficult two-year period. In 2004, Photocircuits officials planned to move the entire company to Georgia, but the County helped hammer out an incentive package to keep operations here. Then, in October 2005, the company filed for bankruptcy, and was on the brink of closing its doors forever, until AMPAC came forward with its bid – and its agreement to maintain employment levels for as long as feasible.

Nassau County worked hard to ensure the Ampac deal went through. In recent weeks, the Nassau County Industrial Development Agency and Ampac worked out a waiver of the mortgage recording tax. And the Nassau County Office of Economic Development has assured Ampac that the new Empire Zone Program, which would create new tax incentives, will be made available to the firm as soon as possible.

“We are exploring any and all Nassau County business expansion incentive programs,” Suozzi said.

Suozzi Lauds $50 Million Deal That Keeps

Photocircuits in Nassau County