Colt's Manufacturing Co. is purchasing its West Hartford headquarters and manufacturing facility and making new investments to expand operations and grow jobs in Connecticut. The move was announced by Connecticut Gov. Dannel P. Malloy's office March 24.
"This means hundreds of good paying manufacturing jobs for the people of our state," Gov. Malloy said. "Colt is an industry leader whose brand is recognized worldwide. The company was founded nearly two centuries ago here in Connecticut, and this planned expansion will ensure that they remain headquartered here."
According to the official announcement, the acquisition of the property is a key part of the company's growth strategy and is part of a $23 million project by Colt targeting the retention of its current workforce of 600 employees and will lead to the creation of an additional 100 jobs at the location over the next five years.
"Colt is a proud part of Connecticut history and we are committed to our employees and the community," said Dennis Veilleux, Colt president, CEO. "We are working hard to transform our business to better serve our customers and carry on Colt's tradition of quality and excellence. Acquiring our headquarters and facility is a key part of this strategy."
Last year, Colt emerged from Chapter 11 reorganization and is now positioning itself for growth, according to company officials. They emphasize acquiring the headquarters and manufacturing facility will enable the company to control its destiny and make the necessary further investments in its future.
Connecticut's Department of Economic and Community Development is supporting the expansion project through a $10 million loan, with up to $2 million forgiven if certain job milestones are met...