The acquisition of Farmington-based New England Airfoil Products by an Italian manufacturer could result in 100 new jobs at the company. No financial terms of the deal were disclosed.
Pietro Rosa TBM, an Italy-based manufacturer of compressor airfoils for gas turbines and complex structural components, has acquired New England Airfoil Products. In addition to retaining the company’s current workforce, Pietro Rosa will be creating 100 new positions over the next five years, the company said.
The company will invest in excess of $10 million in the Farmington facility, and the state Department of Economic and Community Development (DECD) will provide a $3 million low-interest loan. State funding may be used for machinery and equipment and working capital in order to expand production capacity. DECD will also assist the company in establishing ties to local universities and technical colleges to develop skilled workers.
Mauro Fioretti, CEO of the Pietro Rosa group, said the acquisition is part of the company’s strategic growth plan. He said it will offer greater reach and access to its existing and new North American customer base as well as complementary manufacturing capabilities and additional capacity.
