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"One of the biggest challenges early-stage startup companies face is accessing the funding needed to get their business off the ground.
In financially conservative and risk-averse communities across Western New York, finding investors willing to take a chance on a young company is even harder, said Marnie LaVigne, CEO of Launch NY, a Buffalo-based venture development organization that supports early-stage startup companies by providing them with access to capital and free mentoring.
That's why New York State's $30 million Pre-Seed and Seed Matching Fund Program could be "game changing" for entrepreneurs in Western New York, LaVigne said.
Gov. Kathy Hochul announced the creation of the fund in early January, which will offer young startups investments between $50,000 to $250,000, matched with funds from private investors.
The program is intended to support the development of businesses in high-growth industries and the creation of 21st century jobs, according to the state. It also will expand access to venture capital to those in underserved geographies and historically marginalized people and companies.
Why target young companies?
Pre-seed investments are perhaps some of the most important funds a young startup needs, but also the most difficult to get. That early-stage capital gives companies the resources they need to get off the ground and keep growing.
That's why the state is targeting those companies with this fund.
The difficulty in raising these funds is often compounded for marginalized founders, LaVigne said.
"You're usually working with entrepreneurs who have not been there and done that," she said. "So the notion that you're going to open your wallet and provide capital for someone who not only has an untested idea, in many cases, but is untested as a business leader is pretty risky. And often, that is not a barrier that an entrepreneur can overcome, especially underrepresented founders."
But, having matching funds from the state is a great way to increase private investors' confidences, LaVigne said.
"This is a great way to approach new investors and get those investors excited about the fact that there's additional dollars ready to come into this company side by side with theirs," she said.
How could this fund impact Western New York?
LaVigne believes this type of program is perfect for startup founders in Western New York.
In areas such as New York City and the Silicon Valley, it is not uncommon to see investors giving $500,000 to early-stage companies. But that's not the case in Buffalo, LaVigne said.
"We see our entrepreneurs being really scrappy in terms of what they can get done with a small amount of money," LaVigne said. "But it is a game changer if you could double that money right out of the gate.
"The acceleration that we could see here is maybe even more pronounced in upstate New York, because we don't really have that type of ready capital among family and friends and angels coming as easily as it does in major metros. This program is designed to make a world of difference in underserved geographies, as well as in marginalized populations, overall."
Where is the money coming from?
The $30 million fund is a piece of a larger program intended to support New York State businesses continuing to recover from the Covid-19 pandemic.
Last year, the state received $501.5 million through the federal American Rescue Plan to support businesses.
The program is managed by Empire State Development's NY Ventures, the state's venture capital arm.
What kind of companies qualify?
To qualify for the program, companies must have raised less than $2 million, have their headquarters and and least one C-suite employee in New York and focus on one of the following technology markets:
• Advanced manufacturing
• Agricultural tech
• Climate tech
• Consumer tech
• Data/software as a service/artificial intelligence
• Fintech
• Healthcare
• Life sciences and biotech
• Medical devices
LaVigne encourages all young companies to take a look at the state's website to see if they qualify.
"I imagine these dollars will go pretty quickly," she said."
"Workers at Baxter International's plant make pumps that deliver life-sustaining treatment to patients.
"These pumps serve a critical need for someone who is in a hospital setting that requires very specific control of drugs, antibiotics, nutrition that can't fend for themselves in many cases," said Kevin Foley, the Medina plant manager.
Those pumps were critical in the health care response to the outbreak of the Covid-19 pandemic in 2020. Ventilators were a pressing need for hospitalized patients, but so were Baxters' pumps.
"A typical person would generally have two pumps on them after surgery or something like that," Foley said. "Covid patients in ICUs were having five to six. It just exploded."
Baxter makes tens of thousands of the pumps each year at the Orleans County site. The company has also some research and development operations there.
While demand for the pumps has held strong, the company faced issues with obtaining enough microchips to keep production flowing. Sen. Charles Schumer and Baxter's chairman, president and CEO, Jose Almeida, drew attention to the matter during a visit over the summer.
Schumer said he recently received assurance from Baxter's chip supplier, Texas Instruments, that any issues with chip shortages and bottlenecks had been resolved. Almeida said the continued push had proven a success.
“Hospitals need our infusion pump technology to care for patients in New York and across the country – a need that is even more critical now given the rising flu, RSV and Covid-19 cases," he said.
Almeida over the summer praised the workers for the commitment they had demonstrated during the pandemic, putting in long hours under trying circumstances.
"We're very proud of what we were able to do and respond and do all that work," Foley said. "That's why some of these things with the chip are so critical, because these are still critical needs."
Aside from the chips, Baxter strives to acquire many other pump components from suppliers in New York State. "We've tried to make this that whole strategy of, make it where you buy it from and sell it where you make it," Foley said.
Baxter – a Fortune 500 company based in Chicago – in 2012 completed its acquisition of Sigma International in Medina. The company is a prominent employer in Orleans County, with about 270 workers. Sigma had bought a former Fisher-Price factory for its operations in the 1990s.
Foley said Baxter's employees take pride in knowing the impact their work makes in health care.
"Our mission has always been to save and sustain lives," he said. "We take that personally."
"Tim Dressel was rooting around the attic in his grandfather’s farmhouse last year when he came across a 1953 receipt from Hudson River Fruit Distributors – the same company he sells his apples to today.
Back then his grandfather was getting $3.75 for a bushel of apples, the equivalent of more than $41 today he estimates. These days Dressel gets roughly half that − $18 to $20 – for a bushel of Red Delicious and Golden Delicious apples.
And Dressel pays most of his workers more than the state’s $15-per-hour minimum wage to pick apples at his New Paltz farm, a sizable bump from what his grandfather was paying workers decades ago. The state’s minimum wage was not established until 1960 and then it was $1.
Dressel is hoping Gov. Kathy Hochul weighs that as she pursues a plan to link the state’s minimum wage to inflation, a measure that could bump the pay of low-wage workers struggling to pay their bills amid record-high inflation.
“If our prices were tied to inflation, the same way that the governor wants to tie the minimum wage to inflation, we should be making more than twice what we’re making today,” said Dressel, the fourth-generation owner of the 400-acre Dressel Farms.
Headed for a showdown
Dressel’s joins a diverse array of voices from business and labor engaged in a minimum wage debate headed for a showdown in Albany this year, one with political implications for Hochul as she embarks on her first full term as governor.
Farmers and business owners fear rising labor costs will force them into difficult decisions about their future as economic pressures continue to threaten their survival.
Democrats, many from New York City and a downstate region where cost of living is higher, say Hochul needs to do more than just index the minimum wage to inflation.
They want workers to get an increase to $21.25 per hour over a three-year period beginning next year. Upstate workers would get an increase to $20-per-hour in 2026 and $21.25 in 2027.
Low-wage workers like Lolli Edinger are pushing for a dependable wage increase above $20-per-hour.
Edinger, a home care aide from the town of Olive in Ulster County, cares for a man in his 30s who is a quadriplegic and a woman with dementia. She said she barely makes enough to fill up her gas tank to get to work each day.
Last year, Edinger joined a movement of home care aides who pushed the state to increase the minimum wage for home care workers to $16.20 an hour, which went into effect in October.
She does better than most thanks to her husband’s good paying job, which helps support her and their two college-age children. She picks up the tab for groceries.
But one of her co-workers is a woman in her 20s who just learned she’s pregnant who fears she wouldn’t be able to afford child care while she continues to work.
“We can’t retain staff,” Edinger said. “We can’t hire staff. No one wants to do this physically and emotionally draining job for $2 above minimum wage.”
Putting money in workers' pockets
Assemblyman Harry Bronson, a Rochester Democrat, sees the debate from both sides.
Brown was counsel to the Assembly’s labor committee in 2007 when the minimum wage was increased to $7.15 per hour despite the objections of Gov. George Pataki.
But he’s also a small business owner. He’s owned Equal=Grounds, a coffee house in Rochester, for the past 16 years.
He says the governor’s indexing approach is fair, especially if it’s phased in gradually to lessen the burden on employers.
Under Hochul’s plan, which she debuted in her State of the State address last week, the Consumer Price Index would be used to trigger an automatic increase in the minimum wage after it reaches $15 in a particular region of the state.
The downstate region, which includes New York City, Long Island and Westchester and Rockland counties, adopted a $15 minimum in 2016. The minimum was increased to $14.20 in the upstate region at the end of last year.
Bronson gets the argument advanced by business owners like Dressel but says history has shown that when the minimum wage increases, people have more money to spend.
“So, yes, there will be some burden on that apple grower, and I have them in my district,” Bronson said. “But there’s also going to be consumers who might not otherwise be able to buy fresh apples that will be out there buying, whether this farmer sells fresh apples or sells them to make applesauce or whatever. The demand for those items is going to be increased because low wage earners are going to be in a position to buy more of that product.”
The Business Council of New York State, which represents some 3,000 large and small companies, says that if the state is set on tweaking the minimum, it prefers Hochul’s approach.
“The question is what’s the lesser of two evils?,” spokesman Patrick Bailey said. “And we think that where the minimum wage currently sits, tying it to inflation right now makes the most sense.”
Under Hochul’s plan annual increases would be capped and, “an off-ramp would be available in the event of certain economic conditions,” she said earlier this month. But she has yet to offer fuller details.
Bailey said with demand for jobs high, companies are already paying wages above the minimum to retain workers. He cited Labor Department statistics showing that nearly half of those making the minimum wage are seasonal workers or part-time workers.
No more ice cream
Labor costs have led Dressel to make changes to how he runs his farm.
Lower overtime thresholds for workers have meant he's had to cut back on hours for some workers. "Most of our employees are not happy with that," Dressel said. "They're here for two months and they want to make every dollar they can in those two months."
For several years, he hired local teenagers at minimum wage to scoop ice cream at a stand on the property. It was a good business on warm evenings and hot summer afternoons.
“But on a rainy Tuesday in July you can’t pay a kid to sit there all afternoon to serve ice cream cones at $4 each,” Dressel said. “It just doesn’t pay.”
He shut it down.
He’s considering leasing portions of his acreage for use as rental property to take advantage of his proximity to New York City. And he’s considering purchasing a device that would mechanize apple picking so he doesn’t have to rely on as many workers.
“If I could pay all my employees $25 an hour, if I could afford that, I would,” Dressel said. “But we’re not Jeff Bezos buying his third yacht with the money that we didn’t give to our employees. We’re trying to make it year to year right now trying to keep this place afloat.”
Zinc8 Energy Solutions has inked a deal to bring its U.S. headquarters and manufacturing facility to iPark 87. The Canadian-based firm, which manufactures rechargeable zinc-based fuel cells that are in either 20-foot or 40-foot containers, has signed a letter of intent to lease roughly 237,000 square feet of warehouse and outdoor space to become an anchor business at the new industrial park being created by National Resources, a Connecticut real estate investment company that is redeveloping the former TechCity site.
In exchange for promising to make a $68 million investment at the site over five years to create 500 jobs, Zinc8 will receive $9 million in Excelsior Jobs tax credits.
The move was heralded at a press conference Thursday with Gov. Kathy Hochul saying the deal to bring clean energy manufacturing to the site marks “a rebirth, a renaissance of this property which is going to be a catalyst for many businesses to follow.”
She said it also enables the state to continue to position itself as “a national, global leader to fight climate change.”
“This is a catalyst for change,” said Hochul.
“Ultimately, we’re going to be held responsible to future generations for what we did in this time,” she said.
“This generation may be the first feeling the effects of climate change, it’s also the last one that can do anything about it and we will seize that moment,” Hochul said.
Ulster County Executive Jen Metzger, who has long been a leader in the efforts to combat climate change, said the decision by Zinc8 to move to Ulster County is the result of the state Climate Act she worked to pass while a state senator.
“New York’s climate law is one of the most forward-looking in the country and I have often spoken about the tremendous economic benefits to our communities of leading on climate in our state,” she said. “With companies Zinc8 coming to Ulster, we are not seeing the fruits of this law materialize.”
Metzger said the county is working on a major workforce development initiative designed to train Ulster County residents so they will be prepared to benefit from the job opportunities that will be created.
“To me, this is a massive win, not just for Ulster County, but for the whole region,” said U.S. Rep. Pat Ryan in an interview Thursday.
As Ulster County executive, Ryan made the revitalization of TechCity a major priority, fighting to foreclose on the property for back taxes and then facilitating the sale of the site to National Resources.
In August, Ryan joined U.S. Senate Majority Leader Charles Schumer, who said he had reached out to Zinc8 CEO Ron MacDonald personally to lobby the company to move to Ulster County, to announce that with the help of funding through the Inflation Reduction Act, the company was eyeing the former IBM site for its manufacturing facility.
“Zinc8’s 500 good-paying jobs and $68 million in cutting-edge manufacturing investment is proof positive that when you invest in fighting climate change, you can create good-paying jobs, new economic growth, and a brighter future for our communities,” Schumer said in a release Thursday."
"General Electric is in the planning stages to build two large offshore wind turbine manufacturing facilities at the Port of Coeymans that would employ nearly 900 workers.
Under the plan, the GE facilities would build offshore wind turbine blades and nacelles, which are the giant generators that sit atop wind turbine towers and are attached to the blades.
The blade factory would employ 650 people, while the nacelle facility would employ 220 workers. GE is also expecting to generate 1,000 construction jobs and 1,400 indirect jobs, with suppliers, vendors and retail businesses in the area that would profit from the new facility and its workers.
GE's plan is part of a larger proposal by one or more unnamed offshore wind development firms that have submitted bids to NYSERDA, the state's renewable energy agency, to produce 2,000 megawatts of wind energy off the coast of Long Island, enough to power 1.5 million homes.
Proposals, which must include manufacturing here in New York, were due Thursday, and NYSERDA is expecting to announce the winning bid in the next two months. This is the third offshore wind power solicitation that NYSERDA has held. A total of 5,000 megawatts of offshore wind electricity generation is currently under development off New York's shores as a result of NYSERDA's previous solicitations, which provide winning projects with state subsidies.
GE makes both onshore wind turbines and a much-larger offshore wind turbine it calls the Haliade-X, a 14-megawatt turbine that GE currently manufactures in Europe. Offshore wind components are exclusively made in Europe and other parts of the world as the United States has only a nascent offshore wind industry.
Roger Martella, GE's chief sustainability officer, told the Times Union that GE is willing to take the plunge into a still-fluid and evolving industry in the U.S. because it has a long history of manufacturing in New York and the Capital Region in particular. GE was founded in Schenectady, and GE makes steam turbines and generators for power plants in Schenectady.
"New York state has always been seen as one of the major manufacturing centers in the world, and we're really proud to have played a role in that," Martella said. "We want to help build the next chapter of New York state's clean energy economy."
It is not a surprise that GE is interested in making offshore wind components here in the Capital Region. Exactly two years ago, U.S. Senate Majority Leader Charles Schumer began urging GE to start making the components in the Empire State, and the Times Union revealed in May of 2022 that GE had been in talks with state and local officials about a potential offshore wind turbine manufacturing facility, although it was unclear at the time where GE would seek to build it.
However, the Port of Coeymans has been designated by the state as one of the preferred sites for offshore wind manufacturing. When components are completed, they can be shipped by barge down the Hudson River to the coast of Long Island where they will be installed. GE's Haliade-X is nearly 900 feet tall, three times the size of a regular onshore wind turbine. The blades themselves are longer than a football field.
GE cautioned that the proposal is contingent on it being part of the winning bid with NYSERDA and being able to achieve a certain amount of manufacturing volume. GE would not reveal which wind developer or developers it is partnering with, although several major wind developers revealed Thursday they had submitted bids to NYSERDA.
GE also did not reveal the cost of the facility, although NYSERDA's bid documents show that the winner would be eligible for up to $300 million in state funding for supply chain manufacturing -- which would require matching funding to double that.
This would be the second offshore wind turbine component manufacturing facility proposed for the Capital Region.
Equinor, a Norwegian wind development firm that won a previous NYSERDA offshore wind power solicitation, is planning to build a $350 million wind turbine tower manufacturing facility on riverfront land that the Port of Albany owns in the town of Bethlehem. That site, known as Beacon Island, would employ 300 or more workers. Site preparation on Beacon Island is already underway.
Equinor, which is working in conjunction with the British energy firm BP, announced Thursday it submitted another bid to NYSERDA for its latest solicitation. It's unclear if GE is part of that proposal.
Ørsted, a Danish energy company and Eversource Energy, an electric utility that serves New England, also submitted a wind development proposal Thursday with NYSERDA. Orsted and Eversource won a previous NYSERDA bid to build the so-called Sunrise Wind farm off Long Island.
At one point, Ørsted revealed it intended to make some components for the Sunrise Wind Farm at the Port of Coeymans. It is unclear if those intentions remain.
While the state encourages the production of renewable energy, such large scale projects can also bring discord from neighbors, such as in Bethlehem where nearby residents in Glenmont have protested construction happening on what is essentially a former dump for fly ash.
Coeymans residents have also bristled at increased truck traffic, noise and land clearing as the port operation there has gotten bigger in recent years. The Port of Coeymans is owned by local businessman Carver Laraway and has been working for a while now to obtain environmental approvals for a potential wind turbine manufacturing project on site. Plans include a new wharf that would be 400 feet long and 70 feet wide, although it is unclear if those generic plans, which don't specify the client, would need to be changed if GE moves forward.
Meanwhile, NYSERDA has been enticing global energy firms to build large wind farms off the shore of Long Island in order to add more renewable energy sources to the state's electrical grid, which is needed for the state to meet the requirements of its stringent climate change law, the Climate Leadership and Community Protection Act.
The climate act has economic justice requirements for wind developers to hire people from disadvantaged areas of the state at its manufacturing facilities, and GE has already negotiated agreements with more than a dozen local organizations to help provide training to these new workers in manufacturing these components, which are highly sophisticated and require specialized training.
"We want these to be true manufacturing jobs," Martella said. "We need the supply chain in place, and we also need the people in place."
GE's plans for turbines in Coeymans complicated by patent case: https://www.timesunion.com/business/...ight#taboola-2
From the article: " There is plenty of local excitement around General Electric's plans to build two large factories at the Port of Coeymans that would employ nearly 900 people making components for offshore wind turbines for use in a proposed wind farm off the coast of Long Island.
But GE is currently prohibited by a federal judge in Boston from actually making or selling its Haliade-X turbines as currently designed after GE lost a patent-infringement case brought against it by Siemens Gamesa, one of its main rivals in the offshore wind market.
After a jury decided GE had violated one of Siemens Gamesa's patents covering rotor technology used in its offshore wind turbine designs, U.S. District Court Judge William Young banned GE from making, selling or installing its current Haliade-X design in the U.S. through the life of the patent, which expires in 2034. The patent covers the design of parts that connect the wind turbine's blades and rotor to the main shaft of the turbine."
Also, Assembly bill the wrong way to fix restaurant wages; Our columnist argues that the move to abolish lower minimum wages for tipped restaurant workers will result in higher labor costs that will be passed along to customers — with tips still expected: https://www.timesunion.com/tablehopp...ness-spotlight
From this article: "There's a push in New York and across the country to raise the minimum wage for restaurant workers who receive tips as part of their compensation. The minimum wage for untipped workers in the state outside of the New York City metro area went up at the end of last year to $14.20 per hour; for tipped workers including restaurant servers, bartenders, etc., the cash wage is $9.45 hourly, with the employer allowed to claim a portion of the employee's tips to make up the $4.75 difference and bring the guaranteed minimum wage to $14.20. (The employee keeps the rest of their tips.)
The movement toward bumping up tipped employees' base pay to the same minimum as untipped workers is being led by a national campaign called One Fair Wage, which makes a variety of arguments. You can read all about it on their website, but don't take everything there as 100 percent accurate, because, for example, the section for New York encourages you to tell your elected representatives that you "demand that New York lawmakers fairly compensate tipped workers by signing onto Assembly Bill A2244." That bill has the noble goal of establishing an "interagency task force on health literacy" but has nothing to do with tipped workers.
The actual Assembly bill on the matter is A01710, which would raise the tipped minimum wage over five years, eventually requiring that it be the same as the prevailing minimum wage at the time for nontipped workers.
I'm immediately suspicious of the bill because, according to the increments laid out, the hourly tipped minimum wage would be $8 next year, but, as noted above, it's already $9.45 this year.
Which means the people who wrote the bill for the New York state Assembly don't know what the actual current minimum wage is in New York state, or they intend to allow employers to cut pay by at least $1.45 an hour.
Setting that aside, the economics just wouldn't work, and the logic doesn't make sense.
Start with the fact that, in most midlevel to high-end restaurants, servers are by far the highest-earning hourly employees. Scales vary by category and individual business, but it is generally accurate to say that servers, factoring in their tips, earn 50 percent more to even double what kitchen staffers make. That's because of the tips. A cook gets paid the same for making a $25 gnocchi dish as a $78 filet mignon, but the server's tip on the filet would be more than triple. Sure, servers suffer on slow nights, and you can always find a diner waitress who spends an hour serving a table of two who come in for coffee, split a dessert and tip $5.
But many servers make bank. I'm not begrudging them this or saying they don't deserve it. I was delighted to hear that the other week, on a good Saturday night, servers at one area restaurant with a shared-tips system took home more than $600 each. That's basically three times what their average kitchen colleague got for the same night, which is less delighting.
"The idea that tipped employees are calling for this legislation is a fallacy," Melissa Fleischut, president and CEO of the New York State Restaurant Association, said via email. She said, "They made their voices heard when the Department of Labor last held hearings on this issue — hundreds testified, more than 10,000 signed a petition against the idea and more than 20,000 joined forces on social media to oppose the elimination of the tip credit."
These folks "need" a raise in their minimum wage?
Let's say they do. Who would pay for it? One Fair Wage makes clear that it's not advocating for tips to be abolished. According to OFW, more than 75 percent of tipped restaurant workers in New York say "the only reason they would stay in the industry is if they received a livable wage with tips on top" (emphasis added).
OK, let's do the math, using the Assembly bill's incorrect lower wage scale at a hypothetical larger restaurant running five servers for six-hour lunch and dinner shifts seven days a week.
In the first year, the restaurant would see labor costs rise by at least $22,000. The second, $55,000. By the end of the period covered by the bill, state-mandated minimum labor costs would be at least $285,000 more annually than now. The bill would set up a program for a forgivable, one-time loan of up to $15,000 per restaurant to pay for higher wages. Let's say the restaurant didn't apply until the last year and got $15,000. They'd still be paying $270,000 more than now.
How to pay for that?
Let's assume a restaurant makes a 10 percent profit on a $20 burger. That would mean 135,000 additional burgers a year sold, or 370 more a day, meaning 37 more burgers per hour, assuming the kitchen is open 10 hours, meaning 1.6 extra burgers per minute — for 10 hours.
That's impossible, obviously. So who pays for it?
We customers do. Your $20 burger is now $25. Your $30 salmon? Now it's $37.50. Draft beer: $12. On top of which you're still expected to tip 20 percent.
The restaurant wage system needs to be fixed. The tipping system needs to be fixed. This isn't the way to do either. "
Huge news for Global Foundries in Malta...GM signs exclusive deal for US semiconductor production: https://www.cnn.com/2023/02/09/busin...n=Coffee+Break
From the article: "General Motors has signed an agreement with tech manufacturer GlobalFoundries to make semiconductors for GM’s various electronics suppliers. The electronic components will be made in GlobalFoundries facilities in upstate New York.
Semiconductors are a major component of electronic parts such as the computer modules that are required to make automobiles. Disruptions in supplies of computer parts, such as microchips or semiconductors, have caused problems with auto manufacturing in recent years, leading to reduced supplies of new vehicles and high prices for new cars, trucks and SUVs.
GM’s direct relationship with GlobalFoundries will give the automaker a secure supply of chips and will help control costs, said CEO Thomas Caulfield. GM will not have to pay mark-ups to its parts suppliers for semiconductor manufacturing.
It’s an unusual agreement in that GM is contracting directly with a firm that will supply manufacturing services to companies that, in turn, provide parts to GM. Under this agreement, the various electronic component manufacturers that make parts for GM will use GlobalFoundries to make semiconductors for them. As a manufacturer, GlobalFoundries can make semiconductors of any design for a variety of different customers, said Caulfield.
“It’s capacity they want on technology they want, where they want it at the best economics,” Caulfield said in an interview with CNN.
GlobalFoundries announced last July that it would expand its manufacturing capabilities around the company’s Malta, New York, headquarters. The company also has semiconductor manufacturing capabilities elsewhere in the US including Essex Junction, Vermont, and in other parts of the world such as Germany and Singapore.
Last summer, the federal government passed legislation to boost computer chip manufacturing in the United States so companies could import fewer computer components from China.
The agreement is also part of an overall plan by GM (GM) to reduce the number of different chips needed to build GM (GM) vehicles. GM (GM)’s stock rose 2% this morning.
“The supply agreement with GlobalFoundries will help establish a strong, resilient supply of critical technology in the U.S. that will help GM meet this demand, while delivering new technology and features to our customers,” Doug Parks, GM executive vice president in charge of purchasing and supply chain, said in an announcement.
The companies declined to say how much money or how many semiconductors are involved in the agreement. They also did not say how long the agreement is for beyond describing it as “long term.”
Also, this could have a positive impact on the film industry that has taken place in many Upstate locations...Hochul wants to expand New York's film and TV production tax breaks: https://spectrumlocalnews.com/nys/ca...-tv-production
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