New tenant taking Plug Power's space at headquarters
Sep 17, 2013 • NEWS & EVENTSAdam Sichko, Albany Business Review
A manufacturer in New York's Capital Region will take over the street-front offices at the headquarters of Plug Power Inc., the Latham, NY fuel-cell maker.
By year's end, Protective Industrial Products will begin its 10-year lease for the offices on Albany Shaker Road, in Latham.
Renovations are ongoing, and Plug Power workers are relocating to buildings in the back of the 34-acre site, which is a mile-and-a-half down the road from Albany International Airport.
Protective Industrial Products, which is 30 years old, makes and distributes safety gear for workers from the waist up--from goggles and gloves to reflective vests and hard-hats. The company is moving from the dead-end of Computer Drive East, off of the busy Wolf Road commercial stretch in Colonie.
The business had moved in there just three years. Since then, the office headcount has doubled, from 30 to 60 people.
"We want to be here in Albany and stay here. But we're flat out of space," says founder and president Joe Milot.
Milot tells me he needs more space to train employees, and for product demos when clients visit, such as the sales team that visited last week from Fastenal Co. (Nasdaq: FAST).
Milot is tripling his own headquarters space, from 11,000 square feet today to 30,000 square feet on the Plug Power site.
It is the latest sign of growth for Milot's business. He has $170 million of annual revenue, and he employs 250 employees worldwide (90 in the Capital Region).
Plug Power sold its headquarters this spring for $4.5 million to NAI Platform, a commercial real estate firm in Albany.
NAI Platform is also listing what now will be the former class-A offices of Protective Industrial Products. The asking price is $1.1 million (leasing is also an option).
Plug Power went public in 1999. Its stock surged immediately (spiking to near $150 a share) as investors anticipated a fuel-cell craze that never materialized.
Plug Power now trades at 60 cents a share. It has slashed its work force over the years and refocused on making fuel cells for forklifts and other off-road industrial vehicles.
Plug Power sold its headquarters to raise capital needed to carry out its business plan.
: http://www.bizjournals.com/albany/blog/2013/09/new-tenant-taking-plug-powers-space.html
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READ MOREProtective Industrial Products Donates $15,000 to Making Strides Against Breast Cancer
Local American Cancer Society to Benefit ALBANY, N.Y. - On Thursday, May 29, 2014, Protective Industrial Products (PIP) will present the Making Strides Against Breast Cancer walk with a check for $15,0…
READ MOREPIP Expands Marketing Team
Latham, NY - May 27th, 2014, Protective Industrial Products Inc. is pleased to announce expansion of its marketing team. NEW ADDITIONS Joining our team are two new marketers who will help augment ou…
READ MOREProtective Industrial Products Mourns the Loss of a Long-Standing Partner
Latham, NY - April 24, 2014 - PIP joins the members of Western Safety Associates (WSA) in mourning the loss of longtime partner and founder, Gene Philip Hall, who passed away the morning of April 21, 20…
READ MOREProtective Industrial Products (PIP) Introduces Its Latest Range of Cut Resistant Gloves with Dyneema® Fiber for the Chinese Market
Close Co-operation between PIP and DSM Dyneema Delivers Gloves with Reliable Cut Resistance Performance, Comfort and Cost Efficiency Shanghai, 8 April 2014 - At the 88th China (International) Occupational Safe…
READ MOREProtective Industrial Products Appoints Tim Kane as National Account Manager
Kurt Wanner, Vice President of National Accounts, is pleased to announce that Tim Kane will be joining his team as a National Account Manager. Tim will be responsible for HD Supply, Staples and Airgas, t…
READ MOREPIP Announces New Appointments and Additions in 2014
Latham, NY - January 9, 2014, Protective Industrial Products is once again pleased to announce the following additions and appointments to fuel our growth and innovation. NEW ADDITIONS Joining us as Product Spec…
READ MORENew PIP Corporate Headquarters
ALBANY, NY - PIP is pleased to announce that as of Monday, December 30th, 2013, our Corporate Headquarters will move to nearby Latham, NY. Our new location will be home to our Executive, Administrative, Sa…
READ MOREPIP SR Vice-President, Robin Roberts, Elected to Evergreen's Supplier Advisory Council
Protective Industrial Products, Inc. (PIP) is exceptionally proud and honored to have Robin Roberts elected as Chairman of Evergreen Marketing Group's 2013-14 Supplier Advisory Council. Mr. Roberts ha…
READ MOREPIP Product Specialists, Chris Barrington and Travis Estes Earn Coveted QSSP Designation
PIP is pleased to announce that PIP Product Specialists, Chris Barrington and Travis Estes have earned the designation of Qualified Safety Sales Professional (QSSP).The QSSP course is a rigorous, week-lon…
READ MORETwo New Members Join PIP Senior Management Team
PIP's stellar growth, over the last 10 years, has positioned itself as a global leader in Safety Hand Protection and places PIP well on its way to becoming a referenced-leader in the Personal Protective Eq…
READ MOREPIP Wins Affiliated Distributors 2012 Supplier of the Year for Performance
PIP was recently honored for outstanding achievement in winning the Affiliated Distributors 2012 Supplier of the Year - Performance Award. To be recognized as a top performer in this esteemed group of…
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