SUBMITTED NEWS RELEASE
RENO, Nev. – – Two California manufacturers looking to escape the high costs of doing business in the Golden State are investing in Reno creating much needed jobs and opportunities.
Advanced Materials & Manufacturing Technologies (AM2T), a materials engineering company that produces exotic, high-performance materials for use in mining, oil production, missile systems and military applications, has moved its headquarters from Riverbank, Calif., to Reno. The company is leasing offices and light manufacturing space at 300 Sierra Manor Drive.
According to Mic Meeks, executive director for AM2T, the company plans to initially hire between six to eight employees at is Reno operation in various materials research and development, technical marketing and support positions. The Reno location will serve as the company’s primary insertion point for expanding its defense operations.
“EDAWN and its partners provided sound advice and relevant networking introductions and helped identify at least two dozen companies within a 30-minute drive from my facility that have synergistic interests to that of AM2T,” said Meeks. “Add in the proximity of Reno-Tahoe International Airport, UNR, TMCC and on-the-ground local support and that’s a hard combination to beat.” As demand for its products increase, Meeks says the company will build a redundant heavy manufacturing operation in Reno similar to that which is in California.
The relocation of AM2T represents an economic impact to the region and tax revenue totaling $1.7 million in economic impact for one year. It’s estimated that the company and its employees will generate $438,608 in state and county taxes over the next two years.
A community partnership assisted AM2T in its relocation including more than 20 meetings and site research facilitated by the Economic Development Authority of Western Nevada (EDAWN), and Mike McCabe and Aaron Somer of Colliers International with the City of Reno, City of Sparks, Nevada Commission on Economic Development, Reno-Tahoe International Airport, Q&D Construction, NV Energy among other business and community groups.
Synvasive Technology, Inc., is a manufacturer and distributor of instruments used for reconstructive orthopedic surgery. Synvasive recently introduced the eLIBRA® Dynamic Knee Balancing System, a revolutionary new instrument system for improving outcomes for knee replacement patients.
Synvasive opened its new Instrument Solutions Division in Reno in January 2010 hiring 15 employees and recently expanded hiring four more employees at its Reno facility. The company’s expansion represents an incremental economic impact of $866,536 bringing the company’s total economic impact to $4.7 million for one year. It’s estimated that the company and its employees will generate $199,570 in taxes over the next two years. According to Synvasive President and CEO, Mike Fisher, “the Greater Reno-Tahoe region is an attractive area for employees with a cooperative business environment, making it a good location for the launch of our new division.”
Along with Brian Colodny of Kohn Colodny, LLP, EDAWN assisted Synvasive with its state incentive application to support its expansion, and represented the company for state incentives at the Nevada Commission on Economic Development meeting in October 2010.