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Thu January 30, 2014
Malloy Seeks $25 Million for Manufacturing Support
The Malloy administration wants to set aside more cash to help the state's manufacturers. The proposal seeks authorization from the legislature to set up a $25 million fund to help advanced manufacturing companies.
Connecticut's smaller manufacturers sincerely hope they're on the verge of a very good problem to have: a coming boom in commercial aerospace orders. Chris DiPentima, who runs Pegasus Manufacturing in Middletown, said, "In 2015, if our top two customers, Rolls Royce and GE, aren't lying to us, we're seeing an increase of 43 percent in business -- just from our top two customers. In 2019, those same two customers are forecasting a 365 percent increase over what we're currently giving."
Governor Malloy visited Pegasus to launch the push for the new advanced manufacturing fund. DiPentima said this kind of state support is critical to smaller shops like his to meet the challenge of rapid expansion and remain competitive with out of state suppliers.
"A fund like this," DiPentima told a press conference, "is really going to be the backbone for having us win on that business. [It's] giving us the funds to invest in our technology, invest in our workforce, invest in our infrastructure, so that we have a foundation to win on those forecasted demands."
If the legislature approves the cash, the fund would be administered by the Department of Economic and Community Development.