AMCO Precision Tool Inc. is expanding and creating more aerospace jobs in Connecticut.
The Berlin-based company, which provides aerospace and commercial parts machining industry, will support a $160 million contract over the next 20 years. The State Bond Commission at its most recent meeting approved a $2.1 million loan in support of the project, which will retain 34 employees and create up to 25 new positions within six years.
AMCO’s $4.72 expansion project will allow the company to expand manufacturing operations, hire new employees, upgrade technology and purchase new machinery, equipment and raw material for development and production. The state Department of Economic and Community Development (DECD) will provide the loan through the Manufacturing Assistance Act (MAA) at an interest rate of 2 percent for ten years with principal deferred for five years. AMCO will be eligible for $1.6 million in loan forgiveness if it meets certain financial and job retention and creation milestones.
“As our state’s aerospace manufacturing supply chain prepares for the increased demand for parts and services over the next few years, we want to give Connecticut companies, both large and small, the tools they need to not only maintain their competitive edge but grow and thrive,” said Governor Malloy. “That’s why we are investing in initiatives like our Manufacturing Assistance Act and Manufacturing Innovation Fund in order to help smaller vendors like AMCO continue to play a critical support role for the state’s prime contractors. We know doing so will bring good-paying manufacturing jobs with good benefits back to the state and position Connecticut as a world-wide leader in the aerospace manufacturing industry for generations to come.”
“AMCO Precision Tool has been a great neighbor in Berlin, and I am thrilled that the State of Connecticut will be supporting this business so that they can continue to grow and thrive in our community,” said State Senator Terry Gerratana. “As AMCO grows, it will create good-paying jobs that will attract families to Berlin. I am very thankful for Governor Malloy’s continued support of our hard-working manufacturers.”
“AMCO has been a part of Berlin’s community for more than 45 years,” said House Majority Leader Joe Aresimowicz (D – Berlin/Southington). “This is yet another success story of a small company who was able to work in partnership with the state to expand their facility, almost double their work force, and continue to thrive while staying in the state of Connecticut.”