Contact: Lawrence Cook
January 29, 2016
MANCHESTER—AdChem Manufacturing Technologies, Inc. will purchase new equipment, add a third shift of employees, and buy a new production facility in town with the help of a state loan that was approved today by the State Bond Commission and with the enthusiastic support of state Senator Steve Cassano (D- Manchester).
“I remember visiting AdChem a few years ago when the legislature was expanding the Small Business Express Program, and AdChem was expanding then. Look at them now,” Sen. Cassano said. “Over the past few years, Connecticut has been making the type of investments in employee training and manufacturing incentives that are making a real difference between a company merely surviving, and thriving. AdChem and Connecticut manufacturing in general are thriving, and they are poised for even more growth.”
“Our volume of business is increasing dramatically. We’re buying new equipment weekly. It’s an exciting time,” AdChem President Mike Polo said today. “I feel very, very comfortable growing in Connecticut; it’s a very, very strong state for manufacturing.”
AdChem’s Progress Drive expansion—fueled in large part by aerospace and defense subcontract work from United Technologies Corporation—will cost an estimated $8,671,000, with the state contributing $3 million. AdChem will add another 18,000 square feet at a new location on Progress Dive in the next few months, and will add approximately 3,500 square feet to its existing facility at 369 Progress Drive.
The State Bond Commission today approved a $3 million loan at an interest rate of 2 percent for 10 years, with payments deferred for two years. AdChem will be eligible for loan forgiveness of $1 million if it retains 59 jobs and creates 40 new jobs within five years and retains them for two years.
Among other services, AdChem repairs, modifies and inspects commercial, industrial and military gas turbine components and accessories, and is a world-class fabrication supplier of medium to complex critical components and assemblies for small and large turbine engines.
Chair: Planning & Development
Vice Chair: Public Safety; Transportation
Member: Finance, Revenue & Bonding
Legislative Office Building
Hartford, CT 06106-1591
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