The Suffolk IDA put together an aggressive package of tax incentives that are saving us nearly a million dollars. More important, they approved our application in 30 days, which was key, because we had two new Air Force contracts to fulfill and needed to start production right away.
President/Owner, GSE Dynamics
Don't tell Anne Shybunko-Moore, president and owner of GSE Dynamics, Inc., the defense industry is dead on Long Island. She just opened a brand new composites facility and is ramping up production as fast as she can to meet the needs of the Air Force and Navy.
GSE Dynamics is a Long Island success story, and not a new one. Anne's father, Daniel Shybunko, started GSE as a military parts company back in 1971. He won Contract #1 when Anne was just ten days old. When she joined her dad in 2001, sales were $4-5 million. Today, sales is estimated at $14 million and growing.
The secret to GSE's success has been adapting to a changing defense market. The company added fiberglass composite and metal to metal bonding capabilities with the purchase of a manufacturing plant in Georgia. As the company's backlog and sales projections grew, GSE had a decision to make: expand its manufacturing down south or consolidate the entire company right here on Long Island.
That's where the Suffolk County IDA stepped in to help. Our mission is to make it easy for businesses to succeed in Suffolk County; creative thinking without the red tape. We sat with Anne, listened to her concerns and got all the players in a single room to find incentives that would allow GSE to keep growing, adding jobs and continue Long Island's proud legacy of defense.
It didn't hurt that Anne wanted to stay on Long Island. Georgia was attractive from a dollars standpoint, but she knew it couldn't compete with Long Island on the intangibles. For starters, we have one of the best-educated workforces around; one trained in military defense. We have a network of top colleges and universities, one of which, Suffolk Community College, had already partnered with GSE on the creation of a workforce training program. Long Island has a strong supply chain that GSE can utilize from raw metal suppliers to machining to processing to packaging and shipping. Finally, there was Long Island's amazing quality of life that would attract and keep Anne's best employees.
While Anne evaluated, the Suffolk County IDA got to work. We put together an aggressive bundle of property tax abatements, mortgage tax and sales tax exemptions that are saving GSE nearly one million dollars. Even more important to Anne, we got the package approved in less than 30 days. That was critical as GSE had just secured two huge Air Force contracts and needed to move into a new facility and start production right away.
Today GSE Dynamics is a proud example of Long Island's defense past, re-invented for future success. The company's new composites facility is fully online and boasts a state-of-the-art clean room and one of the largest autoclaves in the northeast. The company has added new employees and is busy filling work orders for the military and major aerospace firms. With every new contract, Anne and her company are demonstrating that defense industry companies can still thrive on Long Island.
Suffolk IDA helped GSE expand on Long Island, and we can help your business too. Whether you're based in Suffolk or thinking about moving your operations here, make us your first call. We'll bring all the key players together, discuss tax incentives, help you with workforce training and recruitment and be a partner to you, every step of the way.