Two aerospace manufacturers in Connecticut landed million-dollar state aid deals on Wednesday to help them expand operations and create jobs.
In Westbrook, a fluid control systems manufacturer, The Lee Co., will use more than $20 million from the state Department of Economic and Community Development and Connecticut Innovations to add 200 new jobs in the next five years and expand into nearly 100,000 square feet of new sales and manufacturing space.
The deal includes a $10 million forgivable low-interest loan, up to $10 million in urban and industrial tax credits, and nearly $1 million in sale and use tax exemptions.
In New Britain, Gov. Dannel P. Malloy announced a smaller package for engine turbine manufacturer A-1 Machining. The company will use a $1.25 million loan to expand operations and buy machinery while adding 10 jobs.
"Manufacturing is at an important part of our economy and is getting a second wind in the United States," the governor said in a statement.
Earlier this year, Malloy announced a deal with manufacturing conglomerate United Technologies, the state's largest employer, providing tax breaks in exchange for capital spending in Connecticut and assurances that some of its businesses would stay put for the time being.
In the past five years, Connecticut has offered more than $411 million to businesses through grants and loans, according to state data. That investment has supported more than $1.8 billion in projects and helped create more than 9,000 jobs throughout the state.
Malloy used Wednesday's announcements to underline his new Connecticut Manufacturing Innovation Fund, a $31 million account created under new legislation that will be used to invest in industries such as aerospace, medical device, advanced materials and digital manufacturing.
Catherine Smith, commissioner of the state's economic development agency, said in a statement that the fund would be very flexible, available to companies for research and development, equipment upgrades, education programs and attracting new manufacturers to the state. The fund will give priority to 42 towns and cities, including New Britain, considered "historic manufacturing hubs."Copyright © 2015, CT Now