Konica Minolta Business Solutions has chosen to invest nearly $20 million to expand its operations in Ramsey rather than move to New York.
The IT solutions company is considering adding 29,400 square feet and expanded parking facilities to its headquarters and create nearly 400 new jobs. The cost of the addition is estimated to be roughly $20 million and is expected to pump $65 million over 20 years into the state’s economy.
The Ramsey corporate headquarters currently employs 474 people in two buildings utilizing approximately 191,000 square feet. The company was considering a move to either New York or Connecticut, but ultimately chose New Jersey because of the $29 million in tax incentives it was awarded last month through the state’s Grow NJ program.
“Our new corporate campus will bring employees together to foster collaboration and fuel further growth for our organization,” said Rick Taylor, CEO of Konica Minolta Business Solutions, in an announcement. “We are eager to grow our workforce in New Jersey to ultimately better serve our customers. The Ramsey location is ideal for us to attract talent from the tri-state area while balancing the flexibility we need to grow our business.”
Konica Minolta employs over 8,100 people in North America and is a part of Japan-based Konica Minolta.