Company creates manufacturing jobs in Connecticut
Posted on May 6, 2017
The expansion of one company is creating manufacturing jobs in Connecticut.
Colt’s Manufacturing Company is purchasing its West Hartford headquarters and manufacturing facility and making new investments to expand operations and grow jobs in Connecticut. The acquisition of this property is a key part of the company’s growth strategy and is part of a $23 million project by Colt that targets the retention of its current workforce of 600 employees and will lead to the creation of an additional 100 jobs at the location over the next five years.
Colt has designed and manufactured firearms in Connecticut since 1847. Today, the company serves military, law enforcement and civilian customers and spends tens of millions of dollars annually on suppliers, service providers and other businesses throughout Connecticut. Last year, Colt emerged from Chapter 11 reorganization and is now positioning itself for growth. Acquiring the headquarters and manufacturing facility will enable the company to control its destiny and make the necessary further investments in its future.
“This means hundreds of good paying manufacturing jobs for the people of our state,” Governor Malloy said. “Colt is an industry leader whose brand is recognized worldwide. The company was founded nearly two centuries ago here in Connecticut, and this planned expansion will ensure that they remain headquartered here.”
“These new measures underscore that fact that Colt is committed to safe and responsible use of its products,” Veilleux added.
The Department of Economic and Community Development (DECD) is supporting the expansion project through a $10 million loan, with up to $2 million forgiven if certain job milestones are met. State funds will be used to help in the acquisition of the manufacturing facility and the land, which has a total price of $13 million.
“Colt, one of America’s most iconic brands, has deep roots in Connecticut,” DECD Commissioner Catherine Smith said. “This project protects 600 manufacturing jobs and ensures that the next chapter of the company’s storied history is written right here in Connecticut.”