Edac Technologies Corp. has had a relocation change of heart.
Just a few months after announcing plans to move its headquarters to Plainville, the aerospace precision components manufacturer announced Monday that it is scrapping those plans and moving to Cheshire instead.
The company announced Monday that it is spending $8.2 million to purchase the 293,000 square foot Pratt & Whitney manufacturing facility in Cheshire where it will consolidate all of its operations.
The decision comes just a few months after the company spent $2.65 million on a former General Electric industrial building in Plainville, where Edac had plans to move most of its operations.
Edac said it is now selling that New Britain Avenue facility to a real estate development firm, which intends to redevelop the site.
"We reacted quickly to the opportunity to purchase UTC's Pratt & Whitney Cheshire facility, which is world-class in every respect," said Dominick A. Pagano, EDAC's President and Chief Executive Officer. "Sited on 50-acre campus, the significantly larger Cheshire facility is already equipped with the advanced manufacturing infrastructure to support our type of operations and projected future growth. As a result, the total cost of the Cheshire facility will be well below the combined purchase price and capital improvement/expansion budget for Plainville."
The Cheshire property was formerly a Pratt & Whitney aerospace engine repair facility built in 1979 and substantially upgraded in 1991. The site is within 12 to 15 miles of Edac's existing Connecticut facilities.
Edac said it will relocate all its Connecticut operations currently housed in six separate buildings in Farmington and Newington, including its aerospace product lines and the APEX Machine Tool and Edac Machinery product lines.
The company plans to begin implementing its facility integration plan immediately, with completion slated for the end of 2013.
The purchase of the Cheshire property was financed by a mortgage loan with TD Bank. The Company expects to recoup a significant part of the purchase price from the net proceeds of the eventual sale of all its existing Connecticut properties, including the sale of the Plainville property.