In This Issue
Finlay's Eyes Research, Manufacturing and Distribution Facility at Quonset
Goodison Shipyard Opens
for Business
In the News

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Finlay's Eyes Research, Manufacturing
and Distribution Facility at Quonset
The Quonset Development Corporation (QDC) announced today that a proposal for a two-phase 93,000 square foot research and manufacturing facility at Quonset Business Park is expected to be on the agenda at the August board of directors meeting. The proposal is by Finlays, a global leader in tea and coffee extracts. The company uses sophisticated extraction methods to produce flavors for the food, beverage, and dairy industries. In 2014, Finlays purchased Autocrat LLC of Lincoln, an iconic Rhode Island company. Finlay's is wholly owned by the Swire Group.

Phase One of the project will include a 28,800-square-foot Global Research and Development Center and Manufacturing Plant. Based on market demand, Phase Two will deliver a 65,000-square-foot full-scale manufacturing facility. As part of this project, Finlays may hire as many as 73 new full-time employees by 2019.

"Rhode Island is open for business, and we are putting Rhode Islander's to work in high-skill, high-wage jobs," said Governor Gina M. Raimondo. "My top priority is growing our economy. We are using every tool in our toolbox to make Rhode Island a more attractive place for businesses to invest and expand."

"Finlay's growth continues to strengthen Quonset's standing as a hub of opportunity," Governor Raimondo added. "In just over 18 months, we've made a great deal of progress and we need to stay continually focused on creating opportunities for Rhode Islanders to build the skills that matter for jobs that pay."

Earlier today, the Rhode Island Commerce Corporation Board of Directors approved incentives from the Rebuild Rhode Island tax credit program and the Qualified Jobs Incentive program. In return for the state investment, Rhode Island is projected to realize a net increase of approximately $4.2 million in increased tax revenues and a $15.3 million annual increase in Rhode Island's GDP after the completion of phase two.

"We continue to strive for excellence through our commitment to delivering innovative ingredients and unique solutions. This new investment will better position us as a global strategic partner, with increased speed to market in delivering unique, high-quality, customized food and beverage ingredients," stated Steve Olyha, CEO of Finlay Extracts & Ingredients USA.

"The Finlays project shows that Rhode Island's manufacturing sector is positioned for growth," said Commerce Secretary Stefan Pryor, who is chair of the Quonset Development Corporation board. "Finlays' investment is in an area that's particularly strong in Rhode Island - advanced, food-related manufacturing - and the company is bringing good middle-class jobs to our state. This project has been a great collaboration between the Commerce Corporation and the Quonset Development Corporation. Thank you to Finlays' leadership and to all involved."

"The Quonset Business Park is already home to more than 200 companies, nearly 11,000 jobs, and one of the top auto importers in North America," said Steven J. King, Managing Director of the Quonset Development Corporation. "Finlays' plan to create a new global center for research, development and sustainability of tea at Quonset is another indication that more and more companies want to grow and succeed here. We are committed to helping them do that, and helping to move Rhode Island's economy forward."

Goodison Shipyard Opens for Business

J. Goodison Company, a full-service marine company based at Quonset Business Park has opened its new ship repair facility on roughly six acres along Zarbo Avenue. J. Goodison's expansion includes a $9 million investment by the company, including the addition of an 820-metric-ton mobile boat hoist. The "Marine Travelift 820 C" is the largest lift in the Northeast.

The development of the shipyard was the result of a major effort across several public, private and non-profit entities. The Ocean State Business Development Authority (OSBDA) and Coastway Community Bank partnered to provide the essential financing for the project utilizing the Small Business Administration's 504 loan program. Thanks to the efforts of Rhode Island's Congressional delegation, the U.S. Economic Development Administration (EDA) provided a $6 million grant to help replace the Zarbo Ave bulkhead. The Quonset Development Corporation (QDC) contributed $1.5 million in matching funds for the EDA project. Construction of the new bulkhead was completed earlier this year.

"This new waterfront shipyard will allow us to service our customers better, more efficiently, and at more competitive prices with an expanded portfolio of services," said Jack Goodison, owner/partner of J. Goodison Company. "The cooperation and professionalism we had from the QDC was instrumental in this shipyard coming to fruition. We are indebted to them, as well as OSBDA, Coastway, and the SBA for all of their efforts to get us the critical financing to grow our company."

J. Goodison Company is a full-service marine operation, offering drydock repairs, dockside services, welding, UHP blasting and painting services, cleaning services, mechanical repairs, 24/7 emergency support, inspection services, and electrical/electronic repairs. In 2010, Jack Goodison was named the Small Business Person of the Year by the U.S. Small Business Administration, the same year the company moved its headquarters to Quonset Business Park.

Today, there are more than 200 companies at Quonset, nearly 11,000 people working in full and part-time jobs, and just over 265 acres left for development at the 3,200 acre business park.

Quonset Development Corporation | 95 Cripe Street | North Kingstown | RI | 02852