EDISON — Since opening its doors in New Jersey in the 1980s, Edison Lithography and Printing Company has been delivering cost-effective printing services, and manufacturing temporary cardboard displays, in-store décor and signage for globally recognized companies throughout the world.
In 2015, buoyed by its success, Edison Lithography acquired Compass, a display company in Georgia, and, in 2016, formed a new entity — Edison Solutions, LLC. Following the formation of the new company, Edison Solutions’ co-owners, husband and wife Joe and Susan Ostreicher, joined by Susan’s brother George Gross, opted to open a second location.
In June 2016, the New Jersey Economic Development Authority (EDA) Board approved Edison Solutions for Grow New Jersey (Grow NJ) tax credits to encourage the company to remain in New Jersey and set up its new operation in Pennsauken rather than Kennesaw, Georgia.
The approval was based on the expected creation of 95 jobs in New Jersey, in addition to the retention of 60 employees that were at risk of being relocated out of state. Grow NJ is the State’s primary program for job creation and retention under the Economic Opportunity Act (EOA).
As a complement to its award of Grow NJ tax credits, Edison Solutions also leveraged traditional EDA financing programs, which included loans, as well as tax-exempt bonds, to support its expansion.
In December, Edison Solutions closed on two direct loans from the EDA totaling $2 million that will help further the company’s expansion in Pennsauken. The company, which will also maintain its headquarters in North Bergen, used the loans to support the purchase of its new 115,500-square-foot facility in Camden County, as well as new printing equipment. Also helping with the purchase of new equipment and machinery were two tax-exempt bonds totaling up to $5.6 million issued by the EDA and directly purchased by TD Bank.
Through the EDA’s direct loan program, qualifying businesses are eligible for up to $2 million for fixed assets and up to $750,000 for working capital, and tax-exempt bonds of up to $10 million are available for manufacturers looking to expand in the State.
For more information visit http://www.njeda.com/manufacturing, www.NewJerseyBusiness.gov or call the Business Action Center at 800-Jersey-7.
