"The opening of our new, state-of-the-art facility in Newark, NJ is an important step toward strengthening Mimeo.com's production, distribution and overall time to market on the east coast," says CEO Adam Slutsky. "It also allows the company to confidently offer a multiple location production model that many of our clients demand. Newark affords us many advantages including its proximity to a major transportation hub, distance from our Manhattan-based headquarters, a skilled labor pool and the support received from the Mayor's office and the State of New Jersey."
A $25-million round of financing--led by Goldman Sachs Principal Strategies Group-- contributed to the new Newark facility; the opening of a sales office in San Mateo, CA; and technology upgrades. Mimeo's original facility is located in Memphis, TN.
The state also threw its support behind Mimeo.com's expansion through its Business Employment Incentive Program, which provides annual cash grants to projects relocating or hiring new jobs in the state. Additional technical assistance for site plan approval and permit processing within the City of Newark was provided by the city's economic development corporation, Brick City Development Corp.
"Mimeo.com is a company on the cutting-edge of the printing industry," says Mayor Cory Booker. "And its arrival is a testament to Newark's attractiveness as a leading city for fostering innovation, entrepreneurship, and businesses development during these challenging economic times. Mimeo.com's success will fuel Newark's success, and we are proud to welcome them to our great city."
Noting the company's record growth, Slutsky adds, "At a time when many US-based businesses are cutting back their production and distribution facilities, and cutting head count, Mimeo.com is going in the opposite direction…increasing revenue by 18% in the month of September versus the same period last year."
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