The State Bond Commission last week approved the final $6 million in state assistance to help a Cheshire-based precision manufacturer expand and create jobs.
EDAC Technologies received the latest batch of a $48 million aid package to help it buy machinery and equipment for its Cheshire factory, according to the State Bond Commission. The company is a beneficiary of Gov. Dannel P Malloy’s First Five Program that provides funding to select companies so they can grow and create jobs.
The $6 million approved last week is in the form of a 15-year loan at zero percent interest, repayment of which is deferred for six years. In exchange for state aid, the company agreed to retain 349 jobs and add another 200, according to the State Bond Commission.
Once EDAC reaches the prescribed 549 jobs and retains them for 24 straight months, the state will forgive $28 million of the assistance provided to the firm, the State Bond Commission said.
EDAC makes a wide variety of precise parts for aerospace and other industries. In addition to Cheshire, the company also has facilities in Farmington and Agawam, Mass.
Company officials could not be reached for comment Tuesday.
Christopher Hoffman can be reached at news@newhavenbiz.com
