Agreement with City Clears Path for Umicore Expansion in Providence

Loan agreement and property purchase will result in new manufacturing jobs.

A new agreement will enable global manufacturer Umicore to remain in Providence and expand its workforce.

The Providence Redevelopment Agency (PRA) has signed a loan agreement with Citizens Bank and has purchased the 50 Sims Avenue property occupied by Umicore, enabling the company to lease the building for 10 years. In return, Umicore is investing $20 million to rehabilitate the building and will create about 100 new manufacturing jobs.

"I thank Umicore for its commitment to Providence and Citizens Bank for making this agreement possible. Umicore will continue to grow, invest and create good-paying jobs here in the heart Providence. Retaining businesses like Umicore and giving them the tools they need to flourish in Providence is absolutely essential to growing our economy, and is a high priority for my administration," said Mayor Angel Taveras.

Umicore, a Belgian-based global leader in the production of thin film-coating technology, had considered moving its Providence operations.

"Umicore is very excited about entering this agreement with the City of Providence. We look forward to many years of success, expanding, and adding to our workforce as our customer demand grows," said Gerald Fargo, Jr., Umicore's plant manager.

"Citizens Bank is pleased to provide the necessary financial structure to bring this project to fruition," said Jim Hagerty, Senior Vice President at Citizens Bank. "Innovation and job growth are critical elements to improving the health of the Rhode Island economy, and at Citizens we know that partnering on community investments like this will make a great difference for our community at large."

"I'm very pleased that the City was able to help Umicore stay and expand in Providence. I also want to thank Citizens Bank, without which this deal would not have been possible," said Thomas Deller, director of Planning and Development for the City of Providence.