Maggie Hassan spent her first day as governor meeting with officials from Freudenberg-NOK Sealing Technologies, a company with deep roots in the Granite State and plans for investment, expansion and creation of new jobs.
Hassan used the visit to highlight New Hampshire’s Research and Development tax credit, which she said will help to encourage more innovative businesses to come to New Hampshire, while helping companies already here to prosper.
“My Innovate NH plan calls for doubling the R&D tax credit, a measure that has bipartisan support, so we can help businesses like Freudenberg-NOK and others across the state to innovate, grow and succeed,” she said.
Freudenberg-NOK is a leading manufacturer of materials and products for the automotive, energy and aerospace industries. Last summer, company officials said they anticipate hiring up to 100 new employees and investing millions of dollars in capital expenditure over the next two years to maintain its robust commitment in the Granite State.
“The Research and Development tax credit is very popular among our manufacturing companies,” said Christopher Way, interim director of the Division of Economic Development. “Doubling the tax credit is a great first step for this new administration.”
In a statement, Leesa Smith, Freudenberg North America President and Regional Representative, called the R&D credit a meaningful investment in New Hampshire.
“It acts as an incentive for companies like Freudenberg to make investments in innovation and new technologies, which could ultimately result in the creation of new jobs.”
Hassan toured the Manchester facility on Friday afternoon, which employs about 420 people, meeting a number of workers. Freudenberg operates three companies, seven industrial facilities and employs a total of 1,300 people in the state; it began its US operations in the Granite State 60 years ago.
Division of Economic Development
Tags: Division of Economic Development interim director Christopher Way, Freudenberg, Gov. Maggie Hassan, Innovate NH, New Hampshire Department of Resources & Economic Development, New Hampshire Division of Economic Development, research and development tax credit