A $25 million gift to an electronics boutique is coming, with the mystery box maker hoping to take on a larger role in the industry.
The $25M gift, announced Thursday, comes after months of talks with the New York City-based company, which has previously announced a $3M grant to help it open a second shop in New Jersey, which it plans to expand to 15,000 customers in 2019.
The New York-based puzzle maker has also announced plans to build a $20M facility in South Africa, which would include a 3D printer and a small-scale assembly facility for its high-end puzzle machines.
The company’s chief executive, Joe DiPietro, said Thursday that the company would be making $40 million in profit this year, and will be making more than $20 million in 2019, before the grant ends.
“We’re really happy to have this grant,” DiPritos said at the unveiling of the new New Jersey facility.
“We’re going to take this very seriously.
We’re really excited to have a new facility here, and we are committed to helping solve some of the biggest puzzles in the world.
I think it’s really exciting.”
The $5 million New York facility would make up a smaller part of the company’s expansion plan, with a second, 10,000-square-foot facility to be built in Connecticut and the company also planning to open an office in Philadelphia in 2019 to further expand the company.
“I’m not surprised by this, we’ve been working on this for a very long time, and I’m not just saying this for the sake of it,” DiPaetros said.
“The people who have been with us for a long time know what we’re going for.
We are going to be investing a lot in New York, and that’s not just because of the proximity to New Jersey.”
The company’s new New York and Connecticut locations would not be the first for the company, but they would be the largest to date.
The New Jersey location will be built on an existing building, while the Connecticut location will come from a former office that was torn down and turned into a manufacturing facility.
“This is a major investment,” DiPennietro said.
“It will be a very important building, a very significant building.”
DiPaetro said the company will be investing $500 million in New England and Connecticut over the next five years, and has also reached out to other states and provinces to fund its plans.
“The fact that we have the opportunity to move this building from New Jersey to Connecticut and build another office here in New Hampshire, and in the process help build our business here in Connecticut, is very exciting for us,” he said.
“It is going to help us to be able to expand our operations in New Englins, and to continue to build our products, and also to create jobs in the region.”
DiPietros also said that the New Jersey company is committed to expanding into other markets, but said it would not disclose the locations of its first two new markets.