Flanagan Brothers, Inc., doing business as Flanagan Industries, a second-generation jet engine and ground turbine component manufacturer in Glastonbury, Connecticut
, received a $2.5 million Department of Economic and Community Development loan to assist the firm with its expansion.
The Department of Economic and Community Development will provide a $2.5 million loan at 2 percent for a term of 10 years, as part of a $6.5 million expansion project that will help the firm meet increasing work orders from Pratt and Whitney and General Electric. Funding will be voted on during the next State Bond Commission meeting on July 26.
The company currently employs 88 people and manufactures complex engine cases, assemblies, and components to specific tolerances for aerospace companies. Flanagan has manufacturing operations at two separate locations in Glastonbury, 25 Mill Street and 911 New London Turnpike. The firm plans to consolidate them into a new building at 81 National Drive in Glastonbury and add 20 new jobs.
Flanagan expects to hire 20 new workers, will make leasehold improvements to the new building in order to accommodate their heavy machinery, and will purchase $3.5 million in new machinery and equipment. This project will also create 24 construction jobs and 29 support jobs. If the company retains its existing 88 employees and creates another 20 jobs within two years, it will be eligible for $1.25 million in loan forgiveness.
“The aerospace sector is poised for significant growth over the next decade and Connecticut’s aerospace industry is perfectly positioned to provide a large share of the components that will be needed,” said Governor Dannel P. Malloy. “Supporting high-tech manufacturing growth and expansion here in our state means more good paying jobs with good benefits, and means Connecticut stays competitive in the global marketplace.”
“Flanagan Industries are an integral part of the Glastonbury community. They have made a mark in the aerospace industry. Flanagan Industries does our town and our state proud. They have contributed to the work force and this expansion will enable them to achieve their goals and contribute to our state’s economy,” said State Representative Prasad Srinivasan, R-Glastonbury. “The loan forgiveness program requires achievable benchmarks which will promote new high tech manufacturing jobs in Glastonbury and help turn around our economy.