Biomedical Company, Oxford Performance Materials, Plans $9.5 Million Expansion At Its South Windsor, Connecticut, Production Center
OPM, a biomedical company that produces plastic medical implant devices, is expanding its capabilities in additive manufacturing, which is more commonly referred to as three-dimensional printing. Additive manufacturing allows manufacturers to produce components by printing one layer at a time until a 3-D part is created.
Connecticut Department of Economic and Community Development is supporting OPM’s expansion project with a $3.2 million loan at an interest rate of 2 percent over a 10-year term. DECD will provide $3 million for new machinery and equipment and $200,000 for building upgrades. OPM will be eligible for $1 million in loan forgiveness if it meets its job retention and creation obligations by 2016. The funding will create or retain 65 jobs during the next two years.
“Innovation is a key component to long-term economic growth, and OPM is a company that has embraced that concept and applied it to become a leader in its field and a pioneer in additive manufacturing technologies,” said Gov. Dannel P. Malloy. “Connecticut has the right ingredients for success in advanced manufacturing, between our highly skilled workforce and cutting-edge engineering programs at our colleges and universities. With our investments, we are sending the message to innovative companies like OPM that Connecticut is the place to locate and grow.”
“OPM is pleased to announce that our leading additive manufacturing technology position has now been recognized by the world’s leading aerospace and defense companies, and we are currently under contract by Northrop Grumann and NASA to continue the development and broad commercialization of our products,” said OPM CEO Scott DeFelice. “ Taking the technology to the next level, OPM will apply the method to produce polymer components for the aerospace and defense industries. The Greater Hartford region, long known for its advanced subtractive manufacturing technologies, is now rapidly becoming a globally recognized cluster and leader in additive manufacturing.
“OPM is still growing, almost tripling its workforce now from 24 to 65 positions,” said Catherine Smith, Commissioner of DECD. “I think this speaks to the incredibly innovative companies we have here in Connecticut and to the pro-business programs the state has to assist these companies that are willing to take risks and make significant investments in themselves.”
In 2012, OPM had the distinction of becoming the first company approved for financial assistance through Governor Malloy’s Small BusinessExpress Program which supported its move into a newly leased facility with space for polymer processing and additional fabrication technologies. OPM received a $200,000 loan and a $100,000 grant through EXP, allowing the company to double its workforce, make facility improvements, and purchase machinery and equipment.
ArcelorMittal Chooses Mobile County, Alabama, for Steel Manufacturing Electric Arc Furnace
Mazda Toyota Manufacturing Plans $830 Million Assembly Plant Expansion at Huntsville, Alabama Campus
How are Uncertain Times Altering Company Location Strategies?
Site Selection 2020: The Importance of “Regional Depth” with Global Reach
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
2019 Leading Metro Locations: Pacific and South-Atlantic Metros Dominate the List
A Heightened Focus on Reshoring
34th Annual Corporate Survey & the 16th Annual Consultants Survey