December 1, 2017

CT OKs $11.2M in loans for area companies

Photo | Contributed
Photo | Contributed
Precision machining is one of Edac Technologies Corp. core markets.

The state Bond Commission has approved $11.2 million in loans to help companies in Naugatuck and Cheshire expand and purchase new equipment.

Cheshire-based EDAC Technologies Corp. will receive a $10 million loan to help it purchase machinery and equipment as part of a $121.3 million expansion, according to Gov. Dannel P. Malloy's office.

EDAC, which engineers and manufactures components for aerospace, commercial, medical, industrial and machine tool markets, is eligible for additional loans of $6 million as milestones are met over each of the next two years, the governor's office said. Total state funding for the project is $48 million through Malloy's First Five Plus economic incentive program.

The company is expected to retain 349 jobs and create 200 new jobs as a result of the investment.

Meanwhile, P2 Science Inc., a renewable chemical company founded by Yale scientists, will receive a $1.2 million loan to purchase machinery and equipment for its new specialty chemical plant in Naugatuck.

The loan will support a $3.2 million expansion that is expected to retain four jobs and create 25 within three years.

The New Haven County companies were among 13 statewide receiving a total of $56.8 million in grants and loans approved by the bond commission Wednesday to support their expansions or relocations.

State officials said the funding will leverage $173.1 million of investments in private sector company funds and create 1,594 new jobs.

Natalie Missakian can be reached at news@newhavenbiz.com

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