Manufacturer expands, creates manufacturing jobs in Connecticut
Posted on March 9, 2015
Precision manufacturer Leipold, Inc. is expanding its Connecticut operation and increasing employment by up to fifty percent over the next two years to create more manufacturing jobs in Connecticut.
The company manufactures precision components in the automotive, electrical, hydraulic, pneumatic and telecommunication industries.
Leipold has been partnering with Asnuntuck Community College and other state educational institutions to develop apprenticeships. The company currently has two full-time employees from that program, and another apprentice currently in training.
The total project cost is $8 million, which includes a Department of Economic and Community Development Manufacturers Assistance Act loan of $3 million.
Terms are one percent for ten years, with principal deferred for the first six years. Forgiveness of $1 million may be offered if Leipold retains 40 jobs and creates ten within four years.
Beyond that, each new position may be eligible for an additional $100,000 forgiveness up to a maximum of $2 million in total forgiveness if 20 net new jobs are created.
“Our partnership with Asnuntuck is one of the reasons Leipold, Inc. is expanding here in Connecticut,” said the company’s General Manager Michael Kraemer, who also sits on the machinist program advisory board at Asnuntuck. “The investments that the Malloy administration is making in the development of Connecticut’s workforce are crucial to our long-term success and will allow us to maximize the opportunity for job creation that the funding announced today supports.”