Hydro-Dyne Eng. Inc. has completed its closing on the purchase of a more than 100,000-sq-ft manufacturing facility. Located in the Tampa Bay area, the new facility will expand Hydro-Dyne’s manufacturing, service, research and design capacity.
"We are thrilled and excited to have Hydro-Dyne expand their business in Pinellas Park. Pinellas is a business-friendly county and our community is very supportive of a dedicated workforce that will insure their growth and success," said Sandra Bradbury, mayor of Pinellas Park.
The 107,500-sq-ft facility is the second largest industrial real estate transaction in Pinellas County year-to-date and is centrally located in the Tampa Bay area to take advantage of the region’s workforce and access to an intermodal logistics network.
“We have been fortunate to outpace industry growth year-over-year for more than a decade, which is a testament to the quality of both our people and our products” said Jay Conroy, president of Hydro-Dyne Eng. “When fully built-out, our new facility will reflect the quality of our company and will meet and exceed operational capacity to keep us perfectly-positioned well into the future.”
As part of the company’s long-term managed growth, the purchase of the new facility is the latest move in the company’s investment in people, technology, equipment and capability. Hydro-Dyne has increased its employee base by more than 70% during the past 12 months and plans to hire a number of new employees company-wide in the next 12 to 24 months. Capital investments totaling more than $1 million will also be made in manufacturing equipment, computer systems and building renovations.
Working with Pinellas County Economic Development, Hydro-Dyne will utilize an Industrial Revenue Bond to finance a portion of the property acquisition. The company plans to use the remaining proceeds from the sale of the bond to finance renovations to the facility.
“We’re very pleased that Hydro-Dyne chose Pinellas County for this significant corporate expansion,” said Mike Meidel, director of Pinellas County Economic Development. “Helping our existing companies to grow and create new jobs is part of our core mission, and the Industrial Revenue Bond financing program can provide tax-exempt financing to eligible industrial projects. Combined with Pinellas’ strong workforce, it makes our community the ideal climate for manufacturing.”
Hydro-Dyne will begin building renovations immediately and anticipates relocation of operations by Q3 2014 while maintaining uninterrupted service to its customers.
Source: Hydro-Dyne Eng. Inc.
