.

Gov. Malloy Announces $3.5 Million Loan For Thomas G. Faria Corporation

Mayor Ron McDaniel applauds Malloy and his support for Montville manufacturing business. Faria is expanding and acquiring out of state firm.

 

Governor Dannel P. Malloy today announced a $3.5 million loan to  Uncasville-based Thomas G. Faria Corporation in support of its planned expansion and acquisition of an out-of-state firm.

“Manufacturing is a critical part of Connecticut’s economic recovery,” said Governor Malloy. “This investment demonstrates our commitment to strengthening and expanding our manufacturing base, and creating good jobs in Connecticut.”

In addition to retaining 151 current positions, Faria will hire 35 new full time employees during the expansion, and anticipates hiring 50 more after the expansion.

“We thrilled we are getting the support of the Governor, who has shown how supportive he is of manufacturing business in Montville,” said Mayor Ronald McDaniel. “We are thrilled that through this, we’ll be adding 85 jobs and thrilled to continue to work with the Governor’s office as we all continue to work to bring business and jobs back.”

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.

Department of Economic and Community Development (DECD) will provide a 2% loan for 10 years, with principal and interest deferred for one year.

Reaction from local legislators

“Connecticut is wise to invest in the Faria corporation, which has been manufacturing world class instrumentation in our state for more than 50 years, because it has viable expansion plans to market a new generation of digital products internationally with a wide range of applications in the global marketplace,” said Senator Andrea L. Stillman (D-Waterford). “This state loan will help the company underwrite increased production capability – for which the company will add 85 jobs – and meet its ambitious diversification goals.”

“I applaud Governor Malloy’s support of manufacturing in Eastern Connecticut,” said State Representative Tom Reynolds (D-Ledyard, Montville). “This state financing is critical to our ability to preserve and grow high-skilled well-paying manufacturing jobs.”

"I appreciate this much-needed economic boost for Montville.   Eighty-five additional jobs and an increase to the local tax base are vital to the economic recovery of the area," said State Representative Kevin Ryan (D-Bozrah, Franklin, Lebanon, Montville).  "Our focus has been on jobs, so it's great that Montville will see some of the fruits of that labor."

“This is wonderful news for Faria Corporation and for the Town of Montville,” said State Representative Betsy Ritter (D-Waterford/Montville).  “This loan will bring expansion through acquisition and equipment upgrades to Faria and 85 new jobs to Montville.  Faria began working with the legislative delegation, the Department of Economic and Community Development, and the Governor's office last year, and I am truly pleased to see the work pay off for them.”

 

Jim September 27, 2012 at 06:43 PM
Stop giving tax payers money out. It does not good despite what you say. Take hard earned tax payers money give it to a bussiness so they can make more of a profit for what? They never pay more in taxes because they write everything off. Government dies not help the people
Ellen Hillman September 27, 2012 at 07:08 PM
The upgrade of equipment may add a few tax dollars but not much to an already ailing budget in town. To my knowledge there are no plans for expansion which would add tax dollars and after reading further on this the jobs are not promised to Montville Residents so will not benifit the all ready overly unemployed residents. Only add to higher state tax dollars of Montville Residents.
jacob hanley September 28, 2012 at 06:00 PM
As a spouse of a current employee whos been there for over 10 yrs this is my take. Lets review the last 5 yrs there..about 50 people laidoff...no raises but 'rate' adjustments and new positions for select people...four years ago a 7% temporary paycut that seems permanent since its beeb four years...mass reduction and huge increase of out of pocket healthcare benifits...constant furloughs...no holiday pay for years...I wonder how the state can use taxpayer monies to fund a company that cant even make their current payroll or take care of their loyal people. Moral is at an all time low there and when my wife goes in on monday I am sure moral will be lower along with the confusion. Did anyone from the state actually go there and ask the everyday blue collar worker how they see the company was doing or did they just listen to the companies officers....

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »