Loan Announced For Glastonbury Aerospace Company
A Glastonbury jet engine and ground turbine manufacturer is receiving an assist from the state as it consolidates its operations in town.
Governor Dannel Malloy is announcing a $2.5 million loan for Flanagan Industries.
The company is consolidating its operations into a new building on National Drive in town.
Flanagan employs 88 workers and manufactures complex engine cases, assemblies, and components to specific tolerances for aerospace companies.
If the company retains its existing 88 employees and creates another 20 jobs within two years, it will be eligible for $1.25 million in loan forgiveness.
The state Bond Commission is expected to consider the funding at its meeting on Friday.