New York Governor Kathy Hochul Highlights $2.4M In Grants And Tax Credits To Spur Operational Expansion In Belden's Syracuse, NY, Location
Portfolio Pulse from Benzinga Newsdesk
New York Governor Kathy Hochul announced $2.4 million in grants and tax credits to Belden Inc. (NYSE:BDC) for operational expansion in Syracuse, NY. The incentives aim to boost fiber production at Belden's primary Broadband Solutions location. The funding includes a $1.2 million Empire State Development grant and a $1.2 million Excelsior Jobs tax credit. This move is part of a broader initiative to drive economic growth and innovation in New York, with Belden playing a key role in the broadband manufacturing sector.
February 12, 2024 | 2:31 pm
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Belden Inc. receives $2.4 million in grants and tax credits from New York State for expanding its Syracuse operations, aiming to enhance fiber production capabilities.
The financial incentives from New York State are likely to have a positive impact on Belden's short-term stock price. The investment in expanding fiber production capabilities at its Syracuse location not only highlights the company's growth potential within the broadband sector but also aligns with broader economic and infrastructural development goals. This public endorsement and financial backing by the state government could enhance investor confidence in Belden's operational and financial outlook, potentially leading to an uptick in its stock price.
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