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Toray Plastics Pledges $2M to University of Rhode Island

March 14, 2014
NORTH KINGSTOWN, RI—February 26, 2014—Toray Plastics (America), manufacturer of precision-performance polypropylene, polyester, bio-based and metallized films for packaging and industrial applications, has pledged US$2 million toward the proposed construction of new facilities for the University of Rhode Island’s College of Engineering. The pledge is the first commitment of corporate support for the $125 million project that Gov. Lincoln Chafee’s proposed budget recommends be placed on the 2014 bond referendum ballot.

"We at Toray are extremely pleased to support the College of Engineering in its endeavor to build state-of-the-art facilities,” said Toray President and CEO Richard Schloesser. “Our motto of ‘Innovation by Chemistry’ indicates our desire to grow our business here in Rhode Island, seeking new value-added enterprises. It will be mandatory that we seek out and hire the very best and brightest engineers. Currently, we employ over 100 engineers, close to 20 percent of our total workforce. We look forward to these new facilities that will attract the highest quality engineering candidates and upgrade the University of Rhode Island's competitive position.”

“Thank you to Toray for your commitment to promoting our knowledge economy and working toward building a stronger future for Rhode Islanders,” Chafee said. “Through my proposed $125 million bond referendum for targeted renovations and new construction for URI’s College of Engineering, Rhode Island is joining Toray in its effort to create sustainable economic development in our state.”

“I’m delighted by the long and productive partnership between Toray and the University, and I’m tremendously grateful for this generous pledge to the College of Engineering,” said URI President David Dooley. “URI engineers are innovators at the frontiers of their disciplines and are a crucial part of the state’s economic revitalization. Toray’s support will help to elevate the quality of our engineering teaching and research, which will help us attract top students and faculty and lead to an even greater contribution to economic development in Rhode Island.”

The pledge is contingent on the passage of the bond referendum by Rhode Island voters in November.

The proposed College of Engineering building is needed because current facilities do not allow for the innovative research demanded by contemporary engineering firms and such research may be leveraged for economic development. It will also accommodate a projected 18 percent increase in student enrollment, for a college that has seen the number of undergraduates grow by about 22 percent between 2008 and 2012.

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