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"We continue our aggressive outreach to state manufacturers to help them retain and grow jobs," Gov. M. Jodi Rell said in a statement. "We want to provide Connecticut manufacturers with the financing they need to succeed - they are the engines of our economy. These loans will help them make long-term investments that will result in jobs, jobs and more jobs."
Volvo Aero Connecticut, LLC, one of three recipients, will receive a $2 million loan to purchase new machinery and equipment. The Newington-based manufacturer of precision aerospace engine components expects an increase in orders that will help retain and create a total of 103 positions.
Speaking by telephone from Europe, Volvo's President Jaokim Andersson said his company employs 75 people; its commitment is to expand to a work force of 103.
"In this economy it's beneficial for firms like ours to obtain loans so we can expand," Andersson said. "This enables us to purchase new machinery and be well positioned for the future, especially to invest in high-end technology that will make us more competitive."
"Connecticut's aerospace supply chain is known around the world for its excellence and productivity," said Rell. "Companies like Volvo Aero Connecticut are helping cement our reputation as a global leader in the industry. Aerospace is a vital segment of our state's business picture, and we want to do all we can to help Volvo Aero Connecticut continue to thrive and grow jobs in Newington."
The governor added that "the only way out of this economic downturn is to literally work our way out of it. We know things will improve. Until then, we will make smart, targeted investments like this one."
CDA also made loans to Devon Precision Industries of Wolcott ($1.5 million direct loan for working capital) and LM Gill Welding & Manufacturing, LLC, a Manchester-based company that serves as a supplier to the U.S. Department of Defense. Devon will receive a $500,000 loan from the CDA for machinery, equipment and working capital to complete pending orders.
Since January, the CDA has approved more than $23 million in financing to 25 small businesses in the state. CDA estimates financial assistance has helped retain and create approximately 2,400 jobs in Connecticut.
Scott Whipple can be reached at swhipple@centralctcommunications.com or by calling (860) 225-4601, ext. 319.
