Madico Acquisition of Solamatrix Brings Jobs to Pinellas
ST. PETERSBURG, FL (March 31, 2011) - Madico's recent acquisition of St. Petersburg, Florida manufacturer Solamatrix, Inc. will result in growth for the company and will create over 60 new, high-wage jobs in Pinellas County, while retaining the existing staff of 52 employees.
Rob Comeau, Madico's Director of Marketing, states, "The acquisition of Solamatrix represents a superb opportunity to expand our operations by building on the expertise of both entities. There's no question that staying in Pinellas County is the right move for us; here, we have the proven contacts, suppliers and community support necessary to continue growing our product lines and raising the bar on customer satisfaction."
Madico worked closely with Pinellas County Economic Development (PCED) and St. Petersburg Economic Development to explore all available options for expanding in Florida.
Scott Talcott, Business Development Manager with PCED, explains, "Our job is to retain and add high-wage jobs to the Pinellas economy by helping existing companies with their expansion efforts and by attracting new companies to the area. With the Madico/ Solamatrix project, we get a one-two punch: existing jobs that could have left the state will be retained and more positions will be added. We couldn't be happier."
The decision to relocate its Window Films Business headquarters and expand operations in St. Petersburg allows the company to continue utilizing the cost-saving advantages of its location within an Enterprise Zone.
"Additionally, Madico strongly considered taking advantage of Florida's Qualified Target Industry (QTI) tax refund program," reports Talcott.
In partnership with the Governor's Office of Tourism, Trade and Economic Development (OTTED), Enterprise Florida, the city of St. Petersburg and Pinellas County, the QTI program allows new and expanding Florida businesses in targeted, high-growth industries that create new, high-paying jobs to receive tax refunds for every new job created.
Ultimately, Comeau says, Madico was able to arrange a cost-effective plan for expansion without the QTI, but the company speaks highly of the program. "We were able to go another direction, but the QTI information and application assistance we received from PCED and the city of St. Petersburg has been impressive. It's a fantastic program for businesses in Florida and one to which we gave much consideration."
"The City's Economic Development Department has provided assistance to Solamatrix/Madico throughout all of its growth phases, from inception first as Film Technologies Corporation, to its expansion as Solamatrix, and we now look forward to continuing to help the company prosper and expand here in St. Petersburg," said Economic Development Manager Sophia Sorolis.
Madico has been in business more than 100 years, manufacturing advanced laminates for automotive, architectural and safety/security window films. The company's historical marketing and technical success has created a window film brand image synonymous with quality of design, longevity, and value. With the acquisition, Solamatrix became a wholly-owned subsidiary of Madico and both companies continue to operate and serve their markets independently. The Solamatrix subsidiary will remain in its St. Petersburg location.
Though Madico plans to continue using the existing Solamatrix building, the company will infuse more than $15 million into the building and equipment purchases over five years, which will provide a boost to the local economy. The company has also begun hiring with plans to hire more than 30 new positions as it expands its manufacturing base through 2012.
"Madico has been growing steadily for a number of years," states Comeau, "and we're excited to take this next step in that progression. The staff members of both Pinellas County and the city of St. Petersburg have been extremely helpful in this endeavor and we know we can turn to them again in the future to assist with our continued growth."
Learn more about Madico at www.madico.com. Visit the Solamatrix subsidiary at www.solamatrix.com.
Staff members are ready to help your business succeed in Pinellas. Contact us at (727) 464-7332, or visit us on the web at www.pced.org, to learn more.
Ready to grow your business in St. Petersburg? Contact Sophia Sorolis at (727) 893-7787 or sophia.sorolis@stpete.org.
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