A Glastonbury company that makes parts for the aerospace industry is in line to receive a $2.5 million state loan to consolidate its operations in a new building in town, the governor\’s office announced Thursday.
The money for the company, Flanagan Industries, will be up for approval at Friday\’s meeting of the State Bond Commission. Typically, most items, once they make the commission\’s agenda, are approved.
Flanagan plans to add 20 new jobs and consolidate its locations at 25 Mill St. and 911 New London Turnpike into a new building at 81 National Drive in Glastonbury, the governor\’s office said in a release that also detailed terms of the loan:
Flanagan currently employs 88 people and manufactures complex engine cases, assemblies, and components to specific tolerances for aerospace companies.The Department of Economic and Community Development (DECD) will provide a $2.5 million loan at 2 percent for a term of 10 years as part of a $6.5 million expansion project that will help Flanagan meet increasing work orders from Pratt and Whitney and General Electric.
“The department is proud to support one of Connecticut’s homegrown aerospace companies,” said DECD Commissioner Catherine Smith. “Flanagan Industries, one of the regular exhibitors at the Paris Air Show, is a great example of the kind of innovative aerospace companies that call Connecticut home.”
The company expects to hire 20 new workers, will make leasehold improvements to the new building in order to accommodate their heavy machinery, and will purchase $3.5 million in new machinery and equipment. This project will also create 24 construction jobs and 29 support jobs. If the company retains its existing 88 employees and creates another 20 jobs within two years, it will be eligible for $1.25 million in loan forgiveness.