Suffolk IDA approves incentives for Source One Packaging

Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has given preliminary approval for a transaction allowing Source One Packaging, a locally-owned distributor and converter of shrink film packaging, to expand its business by adding 16,386 s/f of operations space to its current 38,695 s/f.

Source One, opened in 1999, has operated in town since its founding, operates at 20 Commerce Dr., and has 44 employees.

To expand, Source One approached the IDA proposing a new capital investment of more than $3 million to acquire equipment and add space to meet the capacity needs created by the acquisition. The expansion will create and retain 48 jobs in Suffolk County.

This investment/expansion further positions Source One as one of the largest and most advanced converting facilities for shrink wrap in the U.S.

“Source One produces shrink film packaging for food, beverages, pharmaceuticals, nutritional products and a host of other industries across New York, the United States and around the world,” said company president Richard Perillo. “Staying competitive, staying in Suffolk County, growing our workforce and expanding our business demands significant capital investment and physical expansion, and without IDA assistance, we would not be able to compete with the competitors who operate in lower-cost regions, pay lower wages and do not face the overhead expenses we contend with.”

“Source One is a vital link in the economic chain that brings packaged food, beverages, pharmaceuticals, nutritional items and myriad other products to consumers. We are pleased to help ensure their presence is maintained and expanded in Suffolk County and contributes increasingly to Suffolk County’s expanding manufacturing base and employment rolls,” said Kelly Murphy, executive director/CEO of the Suffolk County IDA.

The Suffolk County Industrial Development Agency (IDA) is a public benefit corporation of the State of New York. The purpose of the agency is to promote economic development within Suffolk County. The agency’s operations are not supported by taxpayers but rather by fees generated by its applicants. The Suffolk County IDA works in synergy with Suffolk County executive Edward Romaine and the Suffolk County Department of Economic Development and Planning to foster positive economic development within the county.