Gov. Dannel P. Malloy today announced that the state would loan $2.5 million to Flanagan Industries, a manufacturer of jet engines and ground turbine components that’s planning a $6.5 million expansion.
Flanagan has two manufacturing facilities in Glastonbury, at 25 Mill St. and 911 New London Tpke., and plans to consolidate them into a new building at 81 National Drive. The company, which has contracts with Pratt and Whitney and General Electric, has also promised to add 20 new jobs to its existing workforce of 88.
The state’s Department of Economic and Community Development will provide the 2-percent interest, 10-year loan.
If Flanagan retains its existing 88 employees and creates another 20 jobs within two years, the state could forgive half of the loan. The state’s bond commission will vote Friday on the loan .
