3 Stamford Companies Get Millions In State Assistance

STAMFORD, CT — Gov. Dannel Malloy has announced that $56.8 million in funding will be given to 13 companies in the form of loans and grants to support job growth in the state. The funding was approved by the state's Bond Commission.

Altogether the companies have committed to growing nearly 1,600 new jobs and retaining 2,949 employees across the state.

Henkel of America Inc. was given a $10 million loan to assist with a $50.27 million project to relocate a unit from Arizona to Stamford. The company will retain 678 jobs and create 266 jobs within three years. Total loans of $20 million will be given through Malloy's First Five program.

Indeed Inc. will get a $7 million loan to assist with its $26.5 million project to expand in Stamford. The company will retain 700 jobs and create 500 new jobs over nine years according to the agreement.

RSM US LLP was given a $1 million grant for equipment and expansion at its Stamford office. The company will retain 254 jobs and create 54 new jobs within four years.

"From Fortune 500 corporations like Terex, XPO Logistics and Xerox to young firms like P2 Science, companies of all sizes are continuing to invest in expansion or relocation projects that are creating jobs in Connecticut," Department of Economic and Community Development (DECD) Commissioner Catherine Smith said.

Below are details about the awards to other companies:

• XPO Logistics, Inc.: The $5.5 million project is supported by a $2.7 million loan to assist with leasehold improvements and equipment at its facility in Greenwich. The company will retain 23 jobs and create up to 30 new jobs.
• Women’s Integrated Network, Inc.: The $6.8 million project is supported by a $1.75 million grant to assist with equipment, software, marketing, and research and development associated with its relocation from White Plains, New York to Greenwich. The company will initially create 58 jobs and create up to 46 additional jobswithin five years.
• MW Industries, Inc.: The $8 million project is supported by a $3 million dollar loan to assist with machinery and equipment for relocation to a larger facility in Southington. The company will retain 282 jobs and create 100 new jobs.
• P2 Science, Inc.: The $3.2 million investment is supported by a $1.2 million loan to assist with machinery and equipment for its new specialty chemical plan in Naugatuck. The company will retain four jobs and create 25 jobs within three years.
• Preferred Display, Inc.: The $8.4 million project is supported by a $3 million loan to assist with leasehold improvements, machinery and equipment for relocation from New Jersey and South Windsor and expansion in Enfield. The company will retain 80 jobs and create 80 new jobs. The company will also receive a $1 million loan through DECD’s Revolving Loan Fund.
• Ward Leonard Intermediate Holdings, LLC: The $2.1 million expansion will be supported by a $900,000 grant to assist with machinery and equipment for a new machining cell at its facility in Thomaston. The company will retain 126 jobs and create 20 new jobs.
• EDAC Technologies Corporation: The $121.3 million multi-phase investment will be supported by a $10 million loan to assist with acquisition of machinery and equipment at its facility in Cheshire. The company will retain 349 jobs and create 200 new jobs. Additional loans of $6 million will be provided as milestones are met over each of the next two years. Total state funding for the project is $48 million through Governor Malloy’s First Five Plus Program.
• Xerox Corporation: The $4.9 million company investment will be supported by a $4.4 million loan to assist with leasehold improvements, equipment and related project costs for its newly leased headquarters in Norwalk. The company will retain 150 jobs and create 40 jobs within four years.
• GKN Aerospace Services Structure Corporation: The $40 million program is supported in this phase by a $5 million grant to assist with development and advancement of its capabilities in organic ceramic matrix composites. The company will retain and create 263 jobs within six years. Total grants-in-aid of $20 million will paid in installments through 2018 if the company meets goals for job retention, job creation, manufacturing, research and development, capital expenditures and project milestones with research partners.

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