West Seneca-based Multisorb is being hailed as one of the success stories in New York State's In-State Private Equity Investment Program.Appearing at the Multisorb plant Monday was state comptroller Thomas DiNapoli, who received a firsthand tour of a company. He explained that the program seeks to grow the state's pension fund by investing some of its dollars into qualified businesses across the state.
"So far, we've invested $786 million of that money into just about 300 companies. This includes $70 million invested in 13 Western New York companies, including Multisorb," DiNapoli said.
DiNapoli says while the program is designed to help the pension fund grow, it also acts to boost the state's economy by investing in such companies.
Multisorb president Jim Renda says with the state's support, the company was acquired from the estate of late founder John Cullen and continues to grow.
"We're a global company. We have business all around the world. This is our world headquarters, our main manufacturing facility. We have a second site in Buffalo. We have a site in Mobile, Alabama and warehouses and offices around the world," Renda said.
Multisorb employs more than 600 people to manufacture sorbent materials for uses including health care, food and beverage packaging, electronics and industrial.