The New Jersey Economic Development Authority (EDA) awards Modern Meadow, a Brooklyn-based biofabrication company that grows animal-free leather made from living cells, a $32.3-million tax credit incentive to locate its headquarters to New Jersey. The move to the former Hoffmann-LaRoche facility in Clifton, spurred by the EDA’s Grow NJ tax incentive program, would create 263 new jobs, with Modern Meadow investing $20 million in a 120,000 square-foot facility.
In related EDA news, Nuts.com announces its decision to expand its presence in New Jersey by opening a state-of-the-art corporate office in Jersey City, where it plans to create more than 150 new jobs under the Grow NJ program.
The approval of Grow NJ tax credits for Nuts.com was based solely on creation of new jobs in New Jersey that would otherwise be created outside of the State. The company will also maintain its primary manufacturing and distribution operations in Cranford, where it employs 158.
“I am happy to announce, with support through the Grow NJ Program, Nuts.com will move forward with our expansion in the State,” said Nuts.com Chief Executive Officer (CEO) Jeffrey Braverman. “My grandfather established this company in New Jersey 88 years ago, and we’re excited to continue his legacy and execute on our vision of offering the highest-quality product, with excellent customer service and dynamic employment opportunities.”
Following the approval of Grow NJ tax credits, Nuts.com announced it will lease a 24,000-square-foot space in Jersey City, where it will invest millions to create a hi-tech workspace to house its marketing, creative and sales teams, keeping the family-owned business close to its roots in New Jersey.
“We applaud Nuts.com’s commitment to investing and growing in the State,” EDA CEO Melissa Orsen said. “The Braverman family represents a longstanding New Jersey small business success story, and the new, skilled jobs the company will create will add to its legacy of job creation and community engagement.”
Orsen noted that New Jersey’s food and agriculture industry is estimated to produce $105 billion in revenues annually. The State is home to more than 1,900 food manufacturing companies employing approximately 31,000 people, according to a Rutgers University study. These numbers do not include the State’s thousands of food-distribution centers, retailers, and farms.Related Articles: