Press Release: Suffolk IDA Preliminarily Approves Transaction for Mark-10 Corporation
Suffolk IDA Preliminarily Approves Transaction for
Leader in Force and Torque Measuring Instruments Seeks to Expand and Provide New Jobs
Hauppauge, NY (August 25, 2021)— The Suffolk County Industrial Development Agency has preliminarily approved a transaction for Mark-10 Corporation for the lease of light industrial space located at 160 Oser Avenue in Hauppauge, NY. The IDA’s assistance to Mark-10 Corporation will result in a more than $9.5 million private capital spend for the purchase and renovation of a 31,000 square foot building for the company’s expansion and is estimated to create five new full-time jobs over two years.
“Ensuring the economic success of Long Island-based businesses and creating jobs are our biggest priorities at the Suffolk IDA,” said Suffolk County IDA Executive Director Tony Catapano. “This project will help expand the reach of a company that has been on Long Island for decades while also providing new job opportunities for Long Island residents. We are pleased to help this company, which has operated on Long Island for decades, stay close to home as it expands.”
Mark-10 Corporation is a leading manufacturer of force and torque measuring instruments and their products are used for quality control and research applications in a variety of industries worldwide, including medical devices, aerospace, automotive, consumer products, packaging and several others. They are currently an essential supplier to medical and pharmaceutical companies working on research, testing, and treatment for COVID-19. The company began as an engineering consultancy in 1979 before branching out into contract manufacturing in the 1980s and introducing its own line of branded products in 1990. Its headquarters moved to Hicksville in 1987 and then again to Copiague in 2004.
“The IDA’s assistance in our company’s expansion is needed for us to remain competitive,” said Mark-10 Corporation President Mark Fridman. “We have outgrown our facility and the IDA’s support will help us grow in terms of our employee count, inventory and product line expansion. We are excited about this opportunity to expand in a region that we have called home for decades.”
Despite its global reach, Mark-10 Corporation has shown a commitment to Long Island, not only by doing what they can to keep their operations in Suffolk County, but also by hiring local labor and contractors for their construction. Their investment will create approximately seven construction phase jobs, but more importantly, the dozens of local vendors they rely on to support their product and business development will continue.
“The IDA takes a Long Island-first approach to everything we do,” said Kelly Murphy, Deputy Executive Director of the Suffolk County IDA. “Mark-10 Corporation has reach around the world, which is why we are pleased that our assistance enables them to make it financially feasible to expand here, retain their employee base and keep their more than $4.6 million payroll local.”
The Suffolk County Industrial Development Agency (IDA) is a public benefit corporation of the State of New York. The purpose of the agency is to promote economic development within Suffolk County. The operations of the agency are not supported by taxpayer funds, but rather fees generated by the applicants. The Suffolk County IDA works in synergy with Suffolk County Executive Steven Bellone and the Suffolk County Department of Economic Development and Planning to foster positive economic development within the County. For more information regarding the Suffolk County IDA log on to www.suffolkida.org.