Flanagan Industries Getting $2.5M Loan; Hiring 20 Workers

Gov. Dannel Malloy and state Rep. Prasad Srinivasan announced recently that the state is giving a $2.5 million loan to assist Glastonbury-based Flanagan Brothers Inc. 

Flanagan, doing business as Flanagan Industries, is a second-generation jet engine and ground turbine component manufacturer with two separate locations in Glastonbury.

The company plans to consolidate its two locations, at 25 Mill St. and 911 New London Turnpike, into one new building at 81 National Drive in Glastonbury, according to a press release on Srinivasan's website.

The company, which currently employes 88, manufactures complex engine cases, assemblies, and components to specific tolerances for aerospace companies. It plans to hire 20 additional workers and the construction project for the new building is expected to create an additional 24 construction jobs and 29 support jobs.

If the company retains its existing 88 employees and creates another 20 jobs within two years, it will be eligible for $1.25 million in loan forgiveness.

The Department of Economic and Community Development (DECD) will provide a $2.5 million loan at 2 percent for a term of 10 years as part of a $6.5 million expansion project that will help Flanagan meet increasing work orders from Pratt and Whitney and General Electric.

Srinivasan released a statement about the loan:

“Flanagan Industries are an integral part of the Glastonbury community. They have made a mark in the aerospace industry. Flanagan Industries does our town and our State proud. They have contributed to the work force and this expansion will enable them to achieve their goals and contribute to our state’s economy. The loan forgiveness program requires achievable benchmarks which will promote new high tech manufacturing jobs in Glastonbury and help turn around our economy. By supporting Flanagan Industries we are supporting expansion of the job market in our state."

The above information came from a press release.