The President and CEO of American Packaging Corporation, established in 1902, says the company was set to move to Iowa.
Peter Schottland says the company had even purchased land there and in June the board was ready to make the move.
But New York State stepped in and turned things around.
"Within six weeks we had reached a deal with New York State, so it's a great story for the APC team, a great story for the state, and a great story for western New York," he said.
Governor Cuomo, speaking at the APC plant on Driving Park Avenue, says after hearing of APC's plan to move to Iowa, New York State came up with an investment package from Empire State Development.
"American Packaging is going to be building a $170 million dollar project, that will create 262 new jobs, and also secure the jobs that they currently have, and the state of New York will be investing $14 million dollars," he said.
The company is building a new facility in the Town of Chili.
"High skilled, high paying manufacturing jobs. So, press operators, slitter operators, plate making. These are all $40,000 to $65,000 dollar a year jobs," Schottland said.
American Packaging will also retain its 170 employees who work at the plant in the city of Rochester.
APC plans to break ground on its new plant in Chili in April, with production starting at the end of 2017.
Here's Governor Cuomo talking about the state's emphasis on investing in upstate New York: