Empire State Development approved a grant of up to $1.5 million for Chobani Inc., a manufacturer and top seller of Greek-style yogurt in the United States, for the installation of new machinery in an 80,000-square-foot addition to the company’s existing plant in New Berlin in Chenango County.

The project, incuding the acquisition of 100 acres of land adjacent to the plant, has a total project cost of $88.5 million. ESD said it expects that Chobani will retain 386 existing jobs and create 450 new full-time permanent jobs.

Chobani, based in South Edmeston in Otsego County, has invested around $115 million in property and plant improvements over the past five years.

Hamdi Ulukaya, Chobani’s founder, president, and CEO, was a Business Review 40 Under Forty Honoree in 2009.

Forbes called him the “Steve Jobs” of yogurt.

He also is chief executive of Euphrates Inc. in Johnstown, Fulton County, which makes feta cheese.