Connecticut Innovations said it has loaned $650,000 to The Macton Corp. in Oxford, which makes transit and freight equipment and industrial turntables.
Macton said it will use the money to buy capital equipment to increase its production capacity and lead times, and decrease its costs.
Macton said increased demand for rail services in the transit and freight-rail markets has pushed the company to manufacture more of its products in house.
The company has been in Oxford since 1999, when it purchased Joyce-Dayton Corp., and soon after, A.T. Moeller Corp. Those two deals provided Macton with a product line of lifting and accessory equipment for the maintenance and servicing of rail cars.
Macton has been building turntables since the 1950s. Its turntables can be found in the revolving restaurants atop the Stratosphere in Las Vegas and the CN Tower in Toronto.
They are also used to turn vehicle security checkpoints, lecture hall stages, and in the process of laying undersea cables, according to Macton’s website.
CI said it worked on the loan with Macton’s primary lender, People’s United Bank, and its financial advisor RJ Reuter Business Consulting of Milford.
