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Dec 6

2012

First $1B beneficiary awash in red ink

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The biotech company the state plans to spend $50 million on to lure to the Buffalo Niagara Medical Campus has lost $112 million the past three years and hasn’t posted an annual profit since 2008. And that’s just the beginning of the financial difficulties confronting Albany Molecular Research, according to a probe by Investigative Post. The company has laid off at least 80 employees since 2010 and shuttered one of its foreign facilities, with plans to close a second operation near Seattle. The Albany-based company’s stock price, meanwhile, sunk from  $61.66 in 2001 to $2.26 in December 2011, although the stock[...]

Posted 12 years ago

Dec 5

2012

Good plan off to bad start

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There’s a lot to like about the blueprint for spending $1 billion in state aid to revitalize the Western New York economy that was released Tuesday. I’d feel better about the plan’s prospects, however, if Gov. Andrew Cuomo hadn’t used its release to announce a heavily subsidized deal to bring 250 jobs here that smacks of the business-as-usual, smokestack-chasing approach that has failed us in the past. Let me get my skepticism out of the way up front. The state has agreed to spend $50 million on a biomedical facility and equipment to accommodate an expansion of Albany Molecular Research to[...]

Posted 12 years ago
Investigative Post