Gov. Malloy: Habco Industries to Expand Operations and Jobs in Glastonbury(HARTFORD, CT) - Governor Dannel P. Malloy announced today that HABCO Industries, which builds test and ground-support equipment for the aerospace industry, is expanding its Glastonbury operation and plans to increase its workforce from 42 to 79 over the next four years.
"Today is another example of Connecticut's commitment to the aerospace industry, leveraging this strategic relationship to benefit our state. HABCO is one of hundreds of small aerospace manufacturers that will be hiring over the next several years, and Connecticut is pleased to be a partner in its growth," Governor Malloy said. "Last year we grew more jobs than any time since 1998 - and it's because we're making smart decisions today for a brighter Connecticut tomorrow. We're investing like never before, and our state is making progress as a result."
Aerospace industry original equipment manufacturers like Pratt & Whitney, General Electric, and Boeing forecast 29,000 new passenger and freight aircraft being built at a value of $4.4 trillion over the next 20 years. This unprecedented growth means increasing demand for HABCO's test and support equipment services, which currently serve many of Connecticut's leading aerospace industry suppliers.
"We are proud to have the confidence of, and partnership with, the state of Connecticut. We're now in position to make the investments in our manufacturing and IT infrastructure we need to pursue our ambitious business strategy and realize the tremendous growth potential that the aerospace industry presents going forward," stated Brian Montanari, President and CEO. "It demonstrates that Connecticut is creating a business-friendly environment that attracts investment, spurs job growth, and helps companies such as HABCO to become more competitive in the global marketplace."
"I recently toured Habco, and Brian told me about his plan to double his workforce over the next few years and how the State of Connecticut can help with that," said State Senator Steve Cassano (D-Manchester), whose 4th State Senate District includes Glastonbury. "Habco's not moving down South. They're not moving overseas. They're staying and growing right here in Connecticut with the help of Governor Malloy and the state legislature. This investment is great news for Glastonbury and great news for Connecticut's bedrock, booming aerospace and defense industries."
The state will support the project with a $2 million loan from the Connecticut Department of Economic and Community Development (DECD), at an interest rate of 2 percent for a term of 10 years. DECD funding will be used to purchase manufacturing equipment such as computer numeric controlled (CNC) lathes, five axis milling machines, a tube bender, a powder coat system, enterprise resource planning (ERP) software as well as training for current and new employees.
"This funding will provide HABCO with the employees, equipment, training, and infrastructure to remain a strong partner in Connecticut's future aerospace growth plans," said DECD Commissioner Catherine Smith. "And a strong manufacturing sector is crucial to a strong overall economy."