WEST HARTFORD, Conn. (CBS Connecticut) – Colt’s Manufacturing Company is purchasing its West Hartford headquarters and manufacturing facility, state officials announced Friday.
The acquisition is part of a $23 million initiative by Colt that includes retaining its current workforce of 600 and creating an additional 100 jobs at the location over the next five years, said the Office of Governor Dannel Malloy.
The state is providing a $10 million dollar loan to support the effort. Up to $2 million will be forgiven if certain job milestones are met. State funds will be used to help in the acquisition of the manufacturing facility and the land, which has a total price of $13 million.
Colt, which emerged from Chapter 11 bankruptcy last year, has designed and manufactured firearms in Connecticut since 1847.