Governor Pataki: New Lease Deal Reflects Hudson Valley's Emergence as Tech Corridor

KINGSTON, NY-In a deal announced by Governor George Pataki yesterday (Dec. 18), Planar Semiconductor Inc., has leased approximately 27,000 sf of space at the former IBM complex in Kingston, now known as Tech City. Planar Semiconductor, which is headquartered in Pleasanton, CA, reports it will invest $20 million at its operation here.

The company manufactures environmentally friendly equipment to clean the semiconductor computer chips made by such firms as IBM, Philips and Intel. Planar expects to expand to additional space as its operations increase. The company will create 275 jobs at its offices here during the next five years, according to New York State officials.

Planar expects to begin production in early 2001 and is now performing the necessary site work at the Tech City complex. Tech City is comprised of more than 25 buildings totaling more than 2.5 million sf of space on 258 acres. IBM operated the entire facility until the early 1990s. Companies now doing business at Tech City include Fleet Bank, Hunter Panels, Thorne Media and Fairport Communications.

PSI’s new investment in the Hudson Valley High Tech Corridor comes as a direct result of IBM’s recent decision to invest $2.5 billion to construct the world’s most technologically advanced semiconductor facility in East Fishkill, according to Governor Pataki. Because of its investment at the Kingston facility, Planar Semiconductor is eligible to apply for a $150,000 capital grant from the Empire State Development Corp.

“Hudson Valley has one of the nation’s fastest growing economies and it’s now growing even stronger because of IBM’s decision to invest $2.5 billion to build the world’s most advanced chip-making plant,” Governor Pataki said.