The manufacturer is among three businesses to have received funding from the NYPA. The money is generated from the sale of unused hydropower from the NYPA’s Niagara Power plant, and is used to fund enterprises that could help boost the local economy.
General Mills’ Buffalo plant, which was built in 1941, currently manufactures cereal brands including Cheerios, Honey Nut Cheerios and Lucky Charms.
The investment will be used to support new cereal processing and packaging equipment for Honey Nut and Corn Chex within the facility, in addition to upgrading the site’s ingredients unloading system.
Keeping jobs in Buffalo
General Mills employs 417 workers at the site, and the NYPA said it wanted to make sure those jobs stayed in Buffalo.
“One of our primary missions is to aid economic growth in the state by providing companies with local power, retain and create jobs and make new capital investment,” said NYPA spokesperson Steven Gosset. “GM is a competitive business and a major employer in Buffalo.”
Tax credit
The NYPA Board of Trustees has approved $2.58m in awards to two Buffalo-based enterprises in addition to General Mills. The others are the Explore & More children’s museum and Buffalo Arts and Technology Center.
New York’s economic development agency, Empire State Development Corporation, also supports General Mills with a $500,000 tax credit.