Pitney Bowes Receives $25 Million In State Aid

HARTFORD, Conn. (AP) _ Pitney Bowes is receiving $25 million in state economic development aid in exchange for plant investments and 200 jobs added to its Connecticut workforce of 1,600.

Gov. Dannel P. Malloy announced the financial package on Wednesday. State officials say the mailing equipment and software company will invest $25 million in facility improvements, training and technology.

Pitney Bowes will invest in its technology center in Danbury, its business operations center in Shelton and its new headquarters in Stamford.

The package includes a $15 million loan, of which $10 million is forgivable after 200 jobs are created over the next five years.

The company also will receive a sales and use tax exemption of up to $1 million for capital improvements, a $1 million job training grant and up to $10 million in tax credits.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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