The 45,000-square-foot structure will “significantly” increase the company’s warehousing and distribution capacity, Golden Artist Colors said in a news release.
The Norwich project is estimated to cost $2.5 million, the company said.
The acquisition will also free up additional manufacturing-floor space within the firm’s current 100,000-square-foot facility in the town of Columbus, the company said.
Golden Artist Colors, founded in 1980, says it’s the largest domestic producer of acrylic artist paints. It employs 157 people.
Golden Artist Colors coordinated the project with “significant assistance” from Commerce Chenango, which helped the company secure financing from Chenango County, the state, and NBT Bank.
“The purchase of this facility would not have been possible without the support and guidance from several local business partners and funding secured from a Community Development Block Grant, which was submitted by Chenango County,” Barbara Schindler, president and COO of Golden Artist Colors, said in the news release.
The grant requires Golden Artist Colors to retain its 157 employees and create 37 new jobs over five years, according to Jodi O’Dell, the company’s communications coordinator.
The new facility will help support the growing demand for the firm’s products throughout the global marketplace, James Henderson, company CFO, said in the release.
“The Norwich facility, which represents the company’s first expansion off the original company property, provides an additional business platform for expanded growth and the achievement of our long term strategic goals,” Henderson said.
Golden Artist Colors hopes to have staff working in the new facility beginning this fall.
Contact Reinhardt at ereinhardt@cnybj.com