BYK USA Inc., a subsidiary of Germany-based BYK-Chemie GmbH, will receive $6 million in state loan funding to help the international additives company expand its Wallingford, Connecticut
The firm, which researches, develops, and produces additives primarily for the paint, ink, and plastics industries, plans to construct a 55,000-square-foot, state-of-the-art manufacturing facility, a new applications laboratory, and install new machinery and equipment. The expansion will allow the company to hire an additional 37 employees.
“Last year when BYK decided to embark on this $53 million expansion of its Wallingford facility, a move that will increase the company’s manufacturing capacity by about 300 percent, it represented the single largest investment outside of the company’s home of Germany,” said Gov. Dannel P. Malloy. “I’m pleased the company sees that its long-term growth lies here in Connecticut and I’m proud to announce our support for this innovative company and its remarkable project.”
“Wallingford and the entire state of Connecticut, as well, are celebrating the news of this project,” said Catherine Smith, Commissioner of DECD. “This is a company with facilities all over the world, including Europe, South America, Asia and the Middle East. It has been courted by other states all across the country. Yet they see a growing market here. BYK knows Connecticut can deliver a talented and educated workforce, and has the support mechanisms in place that will help the company navigate the many challenges in the global economy.”
To assist the firm with its expansion plans the Department of Economic and Community Development will provide a 10-year, $6 million loan at two percent interest for machinery and equipment. By retaining its current 97 employees and creating the 37 positions, BYK will be eligible for up to $4 million in loan forgiveness. The State Bond Commission approves state loan funding.