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Connecticut Approves $2 Million Brownfield Redevelopment Loan For Component Manufacturer

04/09/2012
EDAC Technologies Corporation, a designer, manufacturer and servicer of precision components for aerospace and industrial applications, purchased an 181,000-square-foot, $2.65 million, manufacturing facility in Plainville, Connecticut.

The firm plans to spend a total of $3.8 million on improvements to the 15-acre property, where it will consolidate four of its divisions currently housed in separate locations in nearby Farmington. The site was the former home to GE Industrial Solutions.

Connecticut Governor Dannel Malloy and the Department of Economic and Community Development approved a $2 million low-interest loan for EDAC under the state's Targeted Brownfield Development Loan Program. Brownfield Redevelopment Funds will be used by the Company for environmental investigation, remediation, abatement, and engineering. The goal of the loan program is to promote industrial development and to retain and expand jobs in the state of Connecticut.

EDAC officials estimated they would hire as many as 100 employees over the next three years.

Dominick A. Pagano, EDAC's President and Chief Executive Officer, said "with the completion of the Plainville facility purchase, we can begin immediately to implement our facility integration plan and proceed with a timely phase-in of the production ramp-up required to support our very strong and growing backlog."

"In addition to solving the capacity constraints we would have faced, the new, larger and more flexible facility enables us to add state-of-the-art manufacturing equipment and further deploy lean processes, cellular manufacturing, and an integrated center of excellence approach, all of which will improve our efficiency and support our growth," he added.

The Company expects to recoup most of the purchase price from the net proceeds of the eventual sale of its current Farmington properties, a company spokesman added. In addition to the Brownfield Redevelopment Loan, EDAC has applied for additional financial incentives from the state of Connecticut related to the development of the Plainville facility.

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