Quantcast
Israeli military textile maker gets $3.87 million to move from Brooklyn to Paterson | Paterson Times

Israeli military textile maker gets $3.87 million to move from Brooklyn to Paterson

welcome-to-paterson

The state has awarded a $3.87 million tax break to an Israeli military textile maker to move 50 jobs from Brooklyn to Paterson. Yoland Corporation will relocate to a 18,400 square feet facility on Kentucky Avenue, according to state documents.

Yoland Corporation is a contract manufacturer of illumination parachutes for the U.S. Department of Defense. It also manufactures military textile articles like bag charges for artillery, mortar, and body armor.

It presently has 48 full-time employees working out of its Brooklyn offices. Those jobs would be moved to New Jersey. Another two full-time jobs will be added for a total of 50 employees, according to the state.

The firm’s median wage is $22,880.

Tal Ginat, chief executive officer of Yoland Corporation, certified New Jersey is the more expensive option. The company would not have made the move to Paterson without the $3.87 million tax break through the New Jersey Economic Development Authority (EDA).

The company will receive $386,900 per year over a 10-year period through the Grow New Jersey Assistance Program, according to the application approved on Tuesday.

Ginat’s company also considered moving to a 22,747 square feet facility in Philadelphia. The firm which was established in 1999 will complete its move to the 35-49 Kentucky Avenue facility by Sept. 30, 2018.

Yoland Corporation is a subsidiary of D. Yoland Ltd. of Israel.

Email: jay@patersontimes.com

  • Vindicated

    More tax breaks, when will we get a break.

    • MarquinhoGaucho

      when we bribe politicians 50K or more, until then we have no voice

  • The Goat

    Great jobs @ $23K per year. They won't be able to make it without additional public assistance. I guess safe to say none of their existing non-mgmt employees will follow them to Paterson.

Top