Gresko Hails Deal to Keep Sikorsky in ConnecticutSeptember 28, 2016
State Representative Joe Gresko (D-Stratford) lauded the General Assembly Wednesday for approving an agreement to keep Stratford-based Sikorsky Aircraft in Connecticut until at least 2032.
“Stratford has been the home of Sikorsky Aircraft for decades, and I am very happy that we have an agreement that will keep one of the state’s major manufacturers in Connecticut for many more years,” Gresko said.
“Combined with programs and other measures the legislature has approved for supporting education and training for high-tech manufacturing, the agreement will grow Sikorsky’s full time employment in Connecticut to more than 8,000 jobs,” Gresko said.
“There’s been a shadow over Sikorsky for years. Talk that they were moving south, laying off or were closing. But now we have the historic chance to keep them in Stratford,” Gresko added.
“As a Stratford native, I am proud of the role my town has played in our nation’s defense,” Gresko said, “and I take special pride in supporting Sikorsky and voting for this important agreement, which will dramatically increase business for our Sikorsky suppliers in our area and help ensure job security for thousands of Connecticut workers.”
The helicopter giant will be eligible for financial incentives in exchange for building nearly 200 CH-53K King Stallion helicopters in Connecticut. The incentives, worth up to $220 million, include exemption from sales and use taxes and annual grants during the term of the deal.
The agreement will:
Build nearly 200 CH-53K King Stallion Helicopters – the largest maritime helicopter in the world - in Connecticut for the United States Navy until at least June 2032
Keep the Sikorsky headquarters in the state and maintain its Stratford site as a primary production facility for its government based helicopter business
Nearly double its spending of $350 million per year with local Connecticut suppliers throughout the state
Increase its capital spending for machinery and equipment by 22 percent
Drive an estimated $69.2 billion between 2016 and 2032 into the Connecticut economy
Inject an estimated $384.4 million in direct and indirect average annual tax revenue into the Connecticut economy, totaling $6.54 billion from 2016 and 2032
In turn, Sikorsky and Lockheed will keep its headquarters and primary manufacturing in the state, retain and expand its full-time staff, increase capital spending and give top priority to its Connecticut-based suppliers.
Positive impacts to Connecticut’s jobs market include:
Retaining and growing its full time employment in Connecticut to more than 8,000 by the end of year 14
Supporting approximately 24,601 jobs directly and indirectly
Investing an estimated $744.8 million in contractor employment
Allowing Sikorsky to spend an estimated $21.1 billion on wages and benefits between 2016 and 2032
The agreement was approved in a Special Session today by the General Assembly.