STRATFORD, Conn. -- State Rep. Joe Gresko (D-Stratford) has announced the State Bond Commission’s approval of a $2 million financial assistance package for Stratford’s Hubbell Electric Heater’s proposed expansion and job creation project.
The financial package will assist Hubbell, a manufacturer of water heaters and water heating systems for the commercial, industrial, marine/naval and foodservice markets, in several aspects of its growth strategy plan.
State Sens. Edwin A. Gomes (D-Bridgeport) and Kevin C. Kelly (R-Stratford) joined Gresko in praising the financing.
“Assisting established businesses in Stratford with expansion and keeping jobs local remains a priority at the State Capitol,” Gresko said, adding that Hubbell “employs a highly skilled workforce that will now be able to grow in Stratford ahead of schedule.”
Part of the company’s three-year growth plan includes investing in employees, plant expansion and acquiring additional machinery and equipment to improve efficiency and allow the firm to expand its product offering.
The company has pledged to add a minimum of 35 new employees in several positions, including engineering, production, marketing, manufacturing, quality control and administrative staff.
The terms of the assistance package call for Hubbell to retain 61 jobs, along with creating the new positions, within a four year span.
The loan will be provided at an interest rate of 2 percent for 10 years, with the principal deferred for one year.
Hubbell will be eligible for loan forgiveness of $750,000 if it retains and creates the jobs the agreement calls for within the allotted time.
“It is comforting to know that the state does in fact understand the value of business and is showing the foresight to invest in the manufacturing sector and foster growth opportunities,” said William Newbauer III, Hubbell’s chief executive officer. “There is no doubt that by having access to this state offered financing package we will be able to accelerate our growth beyond what we otherwise would have the means for, and thus return to the community even greater opportunities for meaningful jobs and careers in manufacturing.”
Click here to sign up for Daily Voice's free daily emails and news alerts.