Investment will create Connecticut jobs
Posted on January 21, 2014
The state Department of Economic and Community Development (DECD) will provide a loan to Oxford Performance Materials (OPM) Inc., a move that will create Connecticut jobs.
The funding will bolster an expansion project that will create or retain 65 jobs for Connecticut residents over the next two years.
OPM, a biomedical company that produces plastic medical implant devices, is expanding its capabilities in additive manufacturing, which is more commonly referred to as three-dimensional (3-D) printing. Additive manufacturing allows manufacturers to produce components by printing one layer at a time until a 3-D part is created.
DECD is supporting OPM’s $9.5 million expansion project with a $3.2 million loan at an interest rate of 2 percent over a 10-year term. The project will add 12,000 square feet to the company’s South Windsor manufacturing facility. DECD will provide $3 million for new machinery and equipment and $200,000 for building upgrades. OPM will be eligible for $1 million in loan forgiveness if it meets its job retention and creation obligations by 2016.
“Once again the State of Connecticut is leading the way in helping to grow and retain local jobs and businesses — particularly those in the high-tech industries that are the keystone of our economic future,” said state Senator Gary D. LeBeau (D-East Hartford, South Windsor).
“Connecticut is home to one of the most highly educated, productive and profitable workforces in the nation. When government partners with local industry to expand, hire and succeed, our residents and our state economy are the beneficiaries. And that is exactly what is happening today.”
“I am continually supportive of the Governor’s efforts to move the state forward with these types of programs to assist businesses like Oxford Performance Materials,” said state Rep. Timothy Larson (D–South Windsor).
“Oxford Performance Materials has established itself as one of the nation’s leading biomedical companies, and I am very pleased to see OPM begin to develop their business into the advanced additive manufacturing field. This expansion will help generate more high-paying jobs, right here in South Windsor,” said state Rep. Bill Aman (R-South Windsor).