Flanagan Brothers, Inc., an aerospace company in Glastonbury, is slated to receive a $2.5 million loan from the state to help with an expansion plan, according to the governor’s office.
Flanagan currently has two sites—25 Mill Street and 911 New London Turnpike—and plans to consolidate them into a new building at 81 National Drive in Glastonbury.
The company started as a home business, making copper bowls and jewelry, and has grown over decades. http://www.flanaganindustries.com/Company/History.aspx
It currently has 88 employees and plans to add 20 new jobs.
The Department of Economic and Community Development 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, which is intended to help Flanagan meet increasing work orders from Pratt and Whitney and General Electric.
The company plans to make improvements to the new building to accommodate their heavy machinery and will purchase $3.5 million in new machinery and equipment.
They 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.
“The aerospace sector is poised for significant growth over the next decade and Connecticut’s aerospace industry is perfectly positioned to provide a large share of the components that will be needed,” Gov. Dannel Malloy said in a statement. “Supporting high-tech manufacturing growth and expansion here in our state means more good paying jobs with good benefits, and means Connecticut stays competitive in the global marketplace.”
Funding will be voted on during the next State Bond Commission meeting on July 26.
Photo Credit: AP