$80M Approved To Ensure CT Creates And Retains Up To 19,000 Jobs

HARTFORD, CT — Admittedly, the news in Connecticut hasn't been a rosy one. You may have read or heard about the state's infamous multi-billion dollar budget deficits and studies that show how highly taxed we are, and how younger residents are fleeing the state in droves.

But the news isn't all bad as Gov. Dannel P. Malloy announced following today’s state Bond Commission meeting that 16 companies have been approved for $80.7 million in assistance to relocate, expand, and create new jobs throughout the state. In total, the companies are expected to retain 15,003 jobs and create 3,876 jobs.

“The investments we’re making today will produce thousands of good-paying jobs for our residents for years to come,” Malloy said. “These investments are further proof of our commitment to companies right here at home, and to welcome new businesses to the great state of Connecticut.”

The projects include:

• American Seal and Engineering (Orange): The over $8 million project consists of a $1.5 million loan to assist with acquisition of equipment for expansion at its facilities in Orange. The company will retain 49 jobs and create 25 new jobs.
• Budderfly LLC (Shelton): The $24 million project consists of a $3 million loan to assist with acquisition of equipment for expansion in Shelton. The company will retain 9 jobs and create 250 new jobs.
• Corsicana Mattress (Newington): The over $8.1 million project consists of a $2.45 million loan to assist with acquisition of equipment for a new facility in Newington. The company will create 200 new jobs.
• Electric Boat (Groton, New London): The over $852 million project consists of a $35 million loan to assist with acquisition of machinery and equipment for growing operations in Groton and New London. The company will retain 11,300 jobs and create 1,881 new jobs.
• FactSet Research Systems, Inc. (Norwalk): The over $56 million project consists of a $6.5 million grant to assist with leasehold improvements to its new headquarters location in Norwalk. The company will retain 900 jobs and create 150 new jobs.
• ITV America, Inc. (Stamford): The $8 million project consists of a $6 million loan to assist with leasehold improvements and equipment for creation of an East Coast production hub at 860 Canal Street in Stamford. The company will create 300 jobs.
• Magnetic Technologies Ltd. (Putnam): The over $5 million project consists of a $1.5 million loan to assist with costs associated with relocating its manufacturing facility from Oxford Massachusetts to in Putnam. The company will create 40 jobs.
• MB Aerospace Holdings II Corp (East Granby): The over $22 million project consists of a $6 million loan to assist with acquisition of equipment for its new headquarters in East Granby. The company will retain 169 jobs and create 97 new jobs.
• Nalas Engineering Services, Inc. (Norwich): The $10 million project consists of a $999,000 loan to assist with acquisition of a new building for expansion in Norwich. The company will retain 40 jobs and create 10 new jobs.
• PricewaterhouseCoopers, LLP (Stamford): The $20 million project consists of a $9 million grant to assist with equipment, training and leasehold improvements for expansion in Stamford. The company will retain 946 jobs and create 400 new jobs.
• QuEST Global Services – NA, Inc. (East Hartford, Middletown, Windsor): The over $7 million project consists of a $2.5 million grant to assist in acquisition of equipment and leasehold improvements at its facilities in East Hartford, Middletown and Windsor. The company will retain 578 jobs and create 225 new jobs.
• Sheffield Pharmaceuticals, LLC (New London): The $1.2 million project consists of a $450,000 loan to assist with acquisition of equipment for the company’s expansion in New London. The company will retain 130 jobs and create 22 new jobs.
• Triumph Engine Control Systems, LLC (West Hartford): The over $13 million project consists of a $1.5 million grant to assist with acquisition of equipment and fitout for expansion at its facility in West Hartford. The company will retain 585 jobs and create 44 new jobs.
• Walgreens Co. (Killingly): The $10 million project consists of a $1 million loan and $300,000 grant to assist with acquisition of equipment and training for upgrades to the former Rite Aid distribution center in Killingly. The company will retain 300 jobs and create 100 new jobs.
• Wheelhouse Entertainment LLC (Stamford): The $39 million project consists of a $3 million loan to assist with leasehold improvements and equipment for establishment of its digital media production facilities and corporate headquarters at 860 Canal Street in Stamford. The company will create 150 new jobs.

(Editor's Note: The opening graph has been updated and fixed to reflect that studies show young residents fleeing the state, not the country. My apologies on that one.)