Nassau County Executive Edward P. Mangano and the Nassau Industrial Development Agency (IDA) announce the approval of an economic development compact that allows a local medical technology company to triple the company’s employment while keeping 35 jobs on Long Island. The project is expected to produce more than $121 million in economic benefit for the area.
The economic development compact assists Great Neck-based Genadyne Biotechnologies Inc. in renovating and retrofitting two buildings, in Great Neck and Hicksville - allowing its recently formed affiliate, Lucina Advanced Care, Inc., to manufacture new advanced breast pumps which can be more easily used than any existing models. Genadyne had considered moving all of its operations to the Florida facility. Genadyne anticipates spending more than $1 million to renovate and equip the properties.
Genadyne Biotechnologies, which has been in Nassau County since 1992, develops and manufactures wound healing therapy systems and sleep therapy equipment. It currently employs the equivalent of 35 full-time jobs and anticipates creating 72 new full-time jobs within three years of the expansion.
“My economic development team has worked tirelessly to not only keep Genadyne and their 35 jobs in Nassau County that were at risk of leaving, but also to facilitate the creation of a new business that will triple its workforce and generate $121 million in economic benefit for the area,” said County Executive Mangano. “Job retention and creation in Nassau County are critical to helping rebuild our local economy while holding the line on property taxes.”
“This is a win-win for Nassau County,” said IDA Executive Director Joseph Kearney. “Not only are we keeping Genadyne, a company that we have identified as a flight risk, but we are assisting in the creation of numerous jobs from the start up of its new Lucina business.”
Shahzad Pirzada, President of Genadyne, founded the company in 1992.
About the Nassau County IDA
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, including Hain Celestial Group, Arizona Iced Tea, Sleepy’s Mattress, Cold Spring Harbor Labs and Grumman Studios. For more information, please visitwww.nassauida.orgor call 516-571-1945.