Investments in Local Manufacturing
On Friday the State Bond Commission approved loans to aid in the expansion of two manufacturing companies in Connecticut - Hobson and Motzer in Wallingford and Industrial Heater Corp. in Cheshire.
Manufacturing is key to Connecticut’s economic development. This is a smart investment in an industry that’s fueling economic growth and providing skilled, well-paying careers for Connecticut residents. It also reinforces the importance of continuing to promote technical high school and college programs so that we have the workers to meet growing demand.
The Bond Commission approved a loan of $3.5 million to North Carolina-based manufacturer Hobson and Motzer to assist with machinery and equipment purchases associated with the purchase of an additional facility in Wallingford. Under the terms of the loan, the company will retain 244 jobs and create 75 new jobs.
The Commission also approved a loan of $543,000 to Industrial Heater Corp. in Cheshire to assist with machinery and equipment purchases and building improvements. The company will retain 44 jobs and create 4 new jobs.