Pitney Bowes to Remain in Stamford, Get State Loan
Technology giant Pitney Bowes has announced it will remain in Stamford, ending a months-long search for a new location. The company will also add 200 new jobs in Connecticut, after striking a deal with the state for a low-cost loan.
Pitney, which made its name in metered mail services, was founded in the city more than 90 years ago. It announced in August that it had sold its headquarters there, because the building had become too big for a downsized workforce. At that time, it did not rule out leaving the state altogether, saying it would look also at New York's Westchester County.
Now the state has announced a package of aid for Pitney Bowes, as it becomes the 11th corporation to benefit under the Malloy administration's First Five program. It will get a $15 million loan from the state Department of Economic and Community Development. $10 million of that amount is forgivable if Pitney creates 200 new jobs over the next five years. It will also get a tax exemption and credits package of more than $10 million.
Pitney's Lee Walton said the prospect of state aid was not behind the company's original announcement. "I think the company is really focused on growth and focused on our serving our clients, and selling the headquarters was one of a number of aggressive moves that we're making as a company, and so we were really looking for the best opportunity for our employees and our company to continue to serve employees well."
The company says it will use the cash to make capital improvements, enhance technology and buy new machinery and equipment. It will continue to look for a new headquarters location in Stamford, in addition to moving staff to other existing locations in Danbury and Shelton.