Contact: Andrew Ammirati
April 23, 2012
NEWINGTON—State Sen. Paul Doyle (D-Wethersfield, Newington) welcomed news today that the state plans to invest in a business merger and relocation plan that will create 60 new jobs.
Gov. Dannel P. Malloy announced this week that the state will invest in Beacon Industries’ acquisition of TECT Power in Newington, a merger that will retain 165 employees and create 60 new jobs. The State Bond Commission is expected to approve funding a loan for the merger at its meeting Friday.
“Anytime the state can invest in a project that preserves and creates jobs and at the same time quickens the pace of economy recovery here, it is worth celebrating,” said Sen. Doyle. “I am grateful to Gov. Malloy for engaging in a smart job creation strategy by investing in Beacon Industries’ acquisition of TECT.”
“By changing how the state partners with business, reducing bureaucracy, and speeding up how we invest and support Connecticut companies, we are setting the stage for an economic revival,” said Gov. Malloy. “Our unemployment rate, once 9.2 percent, continues a steady decline and is now lower than the national average. But we need to do more to ensure that our economic recovery continues.”
Beacon Industries, an aerospace machining company, will acquire TECT Power in Newington, which also manufactures aerospace parts. Beacon plans to invest $10.2 million to move its Bloomfield operation into TECT’s Newington building and lease 180,000 square feet. Beacon plans to add 60 jobs within six years as part of the merger.
The Department of Economic and Community Development (DECD) will provide a 10-year, $1.5 million loan to assist the project, with forgiveness based on the number of jobs created. The Connecticut Development Authority will provide a $1.5 million loan.
Legislative Office Building
Hartford, CT 06106-1591
To see more news releases by Senator Doyle, visit our Press page (also includes releases by other Senate Democrats).
Subscribe to Senator Doyle’s RSS news feed.