HABCO Industries Gets State Loan for Job, Operations Expansion

HABCO Industries, which builds test and ground-support equipment for the aerospace industry, will receive a $2 million state Economic and Community Development loan that will allow the company to expand its Glastonbury operation and nearly double its workforce.

In an announcement Friday, Gov. Dannel Malloy said the loan will help the company increase its workforce from 42 to 79 over the next four years.

The state will support the project with a $2 million loan from the Connecticut Department of Economic and Community Development (DECD), at an interest rate of 2 percent for a term of 10 years. DECD funding will be used to purchase manufacturing equipment such as computer numeric controlled (CNC) lathes, five axis milling machines, a tube bender, a powder coat system, enterprise resource planning (ERP) software as well as training for current and new employees.

“This funding will provide HABCO with the employees, equipment, training, and infrastructure to remain a strong partner in Connecticut’s future aerospace growth plans,” DECD Commissioner Catherine Smith said in the announcement.

In the announcement, Malloy said, “Today is another example of Connecticut’s commitment to the aerospace industry, leveraging this strategic relationship to benefit our state. HABCO is one of hundreds of small aerospace manufacturers that will be hiring over the next several years, and Connecticut is pleased to be a partner in its growth.”

Aerospace industry original equipment manufacturers like Pratt & Whitney, General Electric, and Boeing forecast 29,000 new passenger and freight aircraft being built at a value of $4.4 trillion over the next 20 years. This unprecedented growth means increasing demand for HABCO’s test and support equipment services, which currently serve many of Connecticut’s leading aerospace industry suppliers.

“We are proud to have the confidence of, and partnership with, the state of Connecticut. We’re now in position to make the investments in our manufacturing and IT infrastructure we need to pursue our ambitious business strategy and realize the tremendous growth potential that the aerospace industry presents going forward,” Brian Montanari, HABCO President and CEO said in a statement. “It demonstrates that Connecticut is creating a business-friendly environment that attracts investment, spurs job growth, and helps companies such as HABCO to become more competitive in the global marketplace.”

State Sen. Steve Cassano (D-4), said, “I recently toured Habco, and Brian told me about his plan to double his workforce over the next few years and how the State of Connecticut can help with that.” He added, “Habco’s not moving down South. They’re not moving overseas. They’re staying and growing right here in Connecticut with the help of Governor Malloy and the state legislature. This investment is great news for Glastonbury and great news for Connecticut’s bedrock, booming aerospace and defense industries.”

To sign up for breaking Glastonbury news alerts and more, click here.

Photo credit: habco.biz.