Family-Owned and Operated Edison Solutions Uses EDA Resources to Expand Reach within Global Marketplace, Create Jobs in New Jersey
Edison Solutions cuts the ribbon on its new digital printing press. From left: Pennsauken Economic Development Director Terry Carr, New Jersey Economic Development Authority CEO Melissa Orsen, Edison Solutions Co-Owners Susan and Joseph Ostreicher, and Pennsauken Deputy Mayor Jack Killion
Trenton, N.J. (June 8, 2017) – Since opening its doors in New Jersey in the 1980s, Edison Lithography & 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.
“As a family-owned-and-operated business, we have been delivering the highest-quality products for the retail industry for over 55 years,” said Susan Ostreicher, who is also Edison Solutions’ chief financial officer. “With EDA and TD Bank support, we have been able to expand strategically while continuing to offer the same level of quality that our customers have enjoyed for generations.”
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.
EDA Chief Executive Officer Melissa Orsen visited Edison Solutions' Pennsauken location today to showcase the company's growth and to highlight financing oppportunitiese available to small businesses throughout the Garden State. She was joined by Pennsauken Deputy Mayork Jack Killion and Terry Carr, the township's director of economic develoment.
“Edison Solutions’ expansion is a shining example of how the EDA can tailor a combination of resources to meet the unique needs of businesses as they grow,” Orsen said. “Manufacturers, in particular, are drawn to New Jersey for its ideal location and highly-skilled labor pool, and both the Grow NJ program and traditional EDA resources offer unique benefits for businesses in this sector as they expand and create skilled jobs in the State.”
Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufacturing sector. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.
The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing, and support for micro-lenders to increase their lending capacity and the technical assistance and training services they offer.
To learn more about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (800) Jersey-7.