Farmington’s TRUMPF becomes first company to get funding under the state’s supply chain initiative
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Trumpf in Farmington.
Machine tool maker TRUMPF has become the first company to receive funding under Connecticut’s $25 million Strategic Supply Chain initiative.
The company, which has its North American headquarters in Farmington, will receive a $2.5 million grant to enhance its production capacity and bring manufacturing operations into Connecticut.
The Department of Economic and Community Development has also approved TRUMPF for incentives of up to $373,000 in tax rebates if it creates 63 new full-time equivalent jobs. DECD did not give a timescale for the job creation.
TRUMPF, which employs approximately 500 people in the state, recently completed a $40 million expansion project, building an advanced “smart factory” at its Farmington campus.
“Their strategic decision to invest and grow in our state speaks volumes about the quality of our workforce and the numerous competitive advantages we offer,” said DECD Commissioner Daniel O’Keefe. “TRUMPF’s project, which expands their production capacity and creates new jobs in Connecticut, exemplifies the goals of our Strategic Supply Chain Initiative.”
Under the initiative, companies can apply for grants ranging from $500,000 to $5 million for projects that will increase their production capacity to support new work.
DECD says that priority consideration is given to supply chain companies in Connecticut’s core industries including manufacturing, semiconductors, insurtech, fintech, life sciences, clean energy and information technology including artificial intelligence and quantum computing.
“We’re excited to further expand local production of machine tools in support of our North American customers,” TRUMPF Inc. President and CEO Lutz Labisch. “This decision to localize production will increase manufacturing jobs here in the state and help to grow our local economy.”
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