|January 21, 2011|
GOVERNOR MALLOY ANNOUNCES LOAN TO LONG-TIME CONNECTICUT COMPANY FOR EXPANSION
(HARTFORD, CT) - Governor Dannel P. Malloy today announced the state is providing a $400,000 loan to help Schulz Electric Company expand and improve its manufacturing and repair facility in New Haven. Schulz's primary business is the manufacture, servicing and repair of electric motors, generators and controls. Schulz is one of the few companies approved to work on nuclear-related safety equipment in the US and Canada.
"Schulz Electric Company has a long history of doing business in Connecticut, and employing workers in this state," said Governor Malloy. "Furthermore, they have a proven track record of working with the state to obtain funding for expansion and other uses, and importantly, paying it back. Schulz Electric Company is a cutting-edge employer located right here in Connecticut, and I'm glad they're not only keeping their existing jobs, but they're creating more, as well."
The loan was approved by the Connecticut Development Authority Board of Directors at its January 19, 2011 meeting.
Schulz Electric began its operations in Connecticut in 1927. Schulz's customer relationships of 80+ years and expertise in the nuclear power industry are well known. The approximately 3,600 sq. ft. expansion will enable the company to increase its revenues and in-state employment. The company presently has 52 full-time jobs at the New Haven facility and is projected to add 24 new jobs over the next few years.
Bob Davis, CEO of Schulz Electric, stated, "I appreciate CDA's timely support for our expansion requirements. This is a win-win situation for Schulz Electric and for jobs in Connecticut."
In addition to its facility in New Haven, Schulz has two wholly owned subsidiaries - one in Braintree, MA specializing in pump and electric motor repair and sales for the greater Boston area, and one in Patterson, NJ providing electric motor repair and service for local companies. The company also has two affiliate companies in Maine that accommodate the needs of paper mills and power generation facilities.
CDA has assisted Schulz three times before, with a $200,000 loan in 1994, $1,200,000 in bonds in 1986, and $2,000,000 in bonds in 1985. All of the above loans/bonds have been repaid.
The Connecticut Development Authority is a member of the state's economic development team, stimulating investment in commercial and industrial businesses and retaining and creating jobs that contribute to the state's economy, technology base, intellectual capital and infrastructure.
For Immediate Release: January 21, 2011
Contact: Colleen Flanagan
Contact: Colleen Flanagan