The New Jersey Manufacturing Extension Program, Inc. (NJMEP) announced that it has been selected as the recipient of the Cooperative Agreement for the state of New Jersey’s Manufacturing Extension Partnership from the US Commerce Department’s National Institute of Standards and Technology (NIST). For at least the next five years, the non-profit will remain the official New Jersey affiliate of the Hollings Manufacturing Extension Partnership (MEP), a network of more than 60 MEP centers across the U.S. and Puerto Rico.
Securing this funding will enable NJMEP to continue helping New Jersey’s manufacturers become more profitable. NJMEP’s services are geared towards helping state manufacturers increase sales, reduce costs, improve efficiencies and spur job creation. Since 2000, NJMEP has helped manufacturers realize more than $2.8 billion in value: $2.1 billion in increased and retained sales, nearly $316 million in cost savings, approximately $460 million in investments and 22,744 jobs created or retained.
“We are excited and honored to remain a part of this incredible network,” says John W. Kennedy, Ph.D., CEO of NJMEP. “This is pivotal to our mission of helping New Jersey’s manufacturers become more globally competitive, and achieving this goal has reignited our commitment and passion towards helping New Jersey’s manufacturing community.”
For every dollar of federal investment, MEP clients generate nearly $19 in new sales, which translates into $2.5 billion annually according to NIST. For every $2,001 of federal investment, MEP creates or retains one US manufacturing job.
The funding was earned after a vigorous proposal and competition process. As reported by NIST, “proposals were reviewed by government and independent experts and evaluated against a number of criteria, including demonstration of a thorough understanding of market needs and how proposed service offerings would meet those needs.”
“The reviewers also looked at the proposed business models, performance measurements and metrics, partnership potential, staff qualifications and program management, as well as financial and non-federal cost-share plans. The new agreement reduces the centers’ cost-share burden by reducing the amount of required matching funds from non-federal sources.”
When asked about the selection, Senior New Jersey Senator Robert Menendez stated, “A robust manufacturing industry is an essential part of a healthy economy, so that is why I am delighted to see proven programs like NJMEP receive the funding necessary to continue providing critical support to our New Jersey manufacturers. This sound investment will allow NJMEP to continue boosting our economy by creating good paying jobs and keeping our state economically competitive in a global market. As our economy continues to recover, I remain committed to fight to give every New Jersey business a chance to prosper and create the jobs we need.”
Click here to read the original article in New Jersey Business Magazine.