Neeltran Inc. Expands Its New Milford, Connecticut, Manufacturing Center
06/09/2014
“For nearly 40 years, Neeltran Inc. has been leading by example, both by setting the standard within the power supply industry and for its corporate citizenship in New Milford,” said Governor Dannel P. Malloy. “Neeltran, one of the few family owned and operated companies in its field, has been recognized for creating jobs, its civic engagement, its collaborative spirit, and for its leadership in improving and growing the region. I’m proud that we will support their continued growth.”
The total cost of Neeltran’s project is $1.75 million and includes company funds and bank financing. The Connecticut Department of Economic and Community Development will provide a $750,000, 10-year loan at 2 percent interest, with $150,000 loan forgiveness if the company y meets its job retention and creation targets.
“The State and Local governments have been instrumental in assisting Neeltran in its growth,” said Neeltran President/COO Antonio Capanna Jr. “Neeltran employs a very talented Connecticut work force and this loan will allow sales expansion in our North American territory and expand global exports.”
“This is a great example of the public-private partnership at work. DECD partners with a business and its bank, fills in the investment gap, and spurs economic development by getting a project off the ground,” said DECD Commissioner Catherine Smith. “DECD is supporting the company’s 6,000-square-foot addition and purchase of new machinery and equipment, and in the process helping the company grow high-quality jobs here at home and develop its competitive edge in the global market.”
Project Announcements
Little Leaf Farms Plans Coffee County, Tennessee, Production Operations
07/02/2025
White Rock Truss & Components Expands Lee County, Virginia, Operations
07/02/2025
Fox Tank Company Plans Coshocton, Ohio, Operations
07/02/2025
Ascentek Expands Shreveport, Louisiana, Operations
07/02/2025
ProBio Establishes Hopewell, New Jersey, Gene Therapy Operations
07/02/2025
22nd Century Technologies Expands Fairfax County, Virginia, Headquarters Operations
07/02/2025
Most Read
-
20th Annual Area Development Gold and Silver Shovel Awards
Q2 2025
-
First Person: Joe Capes, CEO, LiquidStack
Q2 2025
-
The Legal Limits of DEI in Incentives Agreements, Hiring, and Contracting
Q2 2025
-
From Silicon to Server: Mapping the Data Center Supply Chain
Q2 2025
-
Rethinking Life Sciences Site Selection in a Resilient and Dynamic Market
Q2 2025
-
39th Annual Corporate & 21st Annual Consultants Surveys: What Business Leaders and Consultants Are Saying About Site Selection
Q1 2025
-
First Person: David Robey, Co-CEO of QTS Data Centers
Q2 2025