Minutes of the Annual Meeting of the Power - New York Power ...

April 24, 2007
Background: Special Metals Corporation (“SMC”), founded in 1952, is a world leader in super-alloy technology.
The company pioneered the vacuum induction melting method to produce super alloys for military and civilian use
in jet engine turbines. Nearly every jet engine in the free world has some alloy in it produced by SMC. For the past
year, SMC averaged 64.10 jobs, i.e., 79.14% of its commitment. SMC went into bankruptcy in 2002 and
restructured, emerging from bankruptcy at the end of 2003. In 2006, Precision Castparts Corporation (“PCC”)
completed the acquisition of SMC, keeping it as a wholly owned subsidiary. Currently, PCC is in the process of
investing more than $30 million in new equipment that will significantly increase its capabilities, allowing it to
regain lost business and increase market share in high-tech metals. Employment is expected to grow enough in 2007
for the company to be in compliance. Staff will follow up with SMC’s employment level in the second half of the
year.
Steuben Foods Incorporated, Elma, Erie County
Allocation:
750 kW of EP
Jobs Commitment: 364 jobs
Background: Steuben Foods Incorporated (“Steuben”) was founded in 1980, with a manufacturing facility in Elma
and a research facility in Jamaica, Queens. The company primarily contract-manufactures aseptic extended-life
dairy products for various brands. For the past year, Steuben averaged 325.50 jobs, i.e., 89.42% of its commitment.
Steuben has brought on a significant number of new customers. The company is growing and is in the midst of a
multimillion-dollar expansion. Steuben was only two jobs shy of meeting its commitment in 2006 and met the
commitment for the last six months reported.
Syracuse China Company, Syracuse, Onondaga County
Allocation:
1,484 kW of EDP
Jobs Commitment: 371 jobs
Background: Syracuse China Company (“Syracuse China”), founded in 1871, manufactures high-end china for
restaurants, hotels, universities and health care facilities. For the past year, Syracuse China averaged 311.67 jobs,
i.e., 84.01% of its commitment. Although Syracuse China has been planning growth, the slow economy has
hampered those plans. Additionally, the company had a six-week work stoppage in April and May. The company
permanently lost a significant number of employees during this period who found employment elsewhere. After
concentrating on improving efficiencies and product flow, Syracuse China is ready to hire many new employees.
By the end of March 2007, the company will be at 15 employees more than the same time last year and is now
meeting its commitment.
Tulip Corporation, Niagara Falls, Niagara County
Allocation:
300 kW of EP and 1,200 kW of RP
Jobs Commitment: 122 jobs each
Background: Tulip Corporation (“Tulip”), an injection-molding company, recycles rubber and plastic and
manufactures battery cases for the major battery manufacturers. For the past year, Tulip averaged 80.25 jobs, i.e.,
65.78% of its commitment. The RP allocation is a “vintage” contract, meaning that it has an 80% job ratio and twoyear
job average. The two-year average is 87.09 jobs, i.e., 71.38% of the company’s commitment. The company
suffered a major decline in business in mid-2005, saw an increase in production through much of 2006, but then
declined again late in the year. Tulip is aggressively seeking growth in its reprocessed material line and emerging
industrial jar market. In 2006, the company made major investments in new equipment for industrial jar molding,
allowing it to increase its production capacity. Tulip expects to grow its production and employment. Staff will
monitor the company closely and follow up with its employment level in the second half of the year.
TYCO Plastics/Covalence Plastics Corp., Yonkers, Westchester County
Allocation:
1,900 kW of MDA Power
Jobs Commitment: 91 jobs
Background: TYCO Plastics/Covalence Plastics Corp., (“TYCO”), formerly World Class Film, founded in 1992,
produces extruded polyethylene film rolls, sheeting and bags. For the past year, TYCO averaged 78.71 jobs, i.e.,
86.49% of its contractual commitment. The company had a shortfall due to a slowdown in the plastics industry that
was driven by raw material price fluctuations. Raw material prices have begun to stabilize and the company expects
to recover the business it lost within six months.
Uniflex, Inc., Westbury, Nassau County
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