Montville vehicle-instrumentation maker Thomas G. Faria Corp. is getting $3.5 million in state aid for an expansion that includes buying an out-of-state firm, authorities say.
The state Department of Economic and Community Development is putting up 10-year, 2 percent loan on which principal and interest payments are deferred for one year, the governor’s office said Thursday.
In exchange, aside from retaining 151 workers on its payroll, Faria pledged to hire 35 new full-time employees during the expansion, and anticipates hiring 50 more after the expansion, authorities said.
The firm to be acquired wasn’t identified. Faria officials did not immediately return a phone call Thursday for comment.
Founded in 1956, Faria manufactures analog and digital instrumentation for marine vessels and military, industrial, and recreational vehicles. The expansion will include upgrading Faria’s machinery and equipment, and assistance with marketing and engineering development.
