GOV. MALLOY ANNOUNCES DELOITTE TO EXPAND IN CONNECTICUT
Firm will Create Hundreds of Jobs over Six Years as 7th Company of the "Next Five"
(HARTFORD, CT) - Governor Dannel P. Malloy today announced that Deloitte is expanding operations in Connecticut across its Hartford, Stamford and Wilton locations. The project will create between 200 and 500 new jobs and retain all 1,153 existing Deloitte employees in the state. The positions range from entry level to high-level executive jobs.
"The First Five program is about jobs, and about making Connecticut competitive again," said Governor Malloy. "By securing a company like Deloitte, we are not only creating good paying jobs with good benefits in our state, we're making our state a better place to do business."
Deloitte, the largest professional services organization in the United States, provides clients with audit, consulting, financial advisory and tax services. The company, which has been in existence for more than a hundred years, helps businesses address complex challenges across many industries.
"We are proud to be expanding our footprint in Connecticut with Governor Malloy's First Five program," said Henry Phillips, northeast regional managing partner, Deloitte LLP. "Deloitte's vision to grow the local economy is supported by the Governor - through a commitment to our clients, giving back to the communities in which we live and work, and developing and investing in our people."
State support for the $16 million project will be provided through Governor Malloy's First Five program, which is administered by Department of Economic and Community Development (DECD).
DECD's performance-based financial assistance package will include between $9 million and $14.5 million in grants over 6 years provided Deloitte meets specific milestones. Disbursements will be made according to the following schedule:
$9,000,000 will be awarded if 1,153 jobs are retained and 200 jobs are created on or before 12/31/13; and
If the company retains 1,353 jobs and creates 150 for a total of 1,503 positions on or before 12/31/18, $2,500,000 will be awarded: if the company retains 1,353 jobs and creates 300 for a total of 1,653 positions in that same period, $5,500,000 will be awarded.
"Deloitte, like DECD, is in the business of helping businesses. Its 51,000 people in more than 90 cities across the country all have one goal: supplying clients with the services, resources and information they need to be more competitive," said Catherine Smith, commissioner of DECD. "With Governor Malloy's First Five program, we're helping Deloitte reduce its operating costs and expand its Connecticut operations, which ultimately will position the company for future growth."
For Immediate Release: August 1, 2012
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