A Bristol manufacturer will receive $1.1 million in state-backed loans to purchase new equipment as it expands into the medical devices field.
The 48-year-old BW Manufacturing Co. got approval for the assistance this week from the Connecticut Development Authority.
It expects to increase its 43-employee staff to 60 during the next two years, according to a press release from Gov. Jodi Rell’s office.
BW Manufacturing, located in the city’s 229 Technology Park, has not requested any aid from City Hall, said Jonathan Rosenthal, the city’s economic development director.
Rell is quoted in the press release as calling the company “a great example of Connecticut’s small and nimble manufacturing base.”
"We are investing in small businesses like BW to help them diversify their products and stay ahead of the market,” she said. “This is the type of company we will continue supporting, because these small manufacturers are the engines that drive our economy."
BW Manufacturing, which hasn't yet returned a phone call, is a precision machining and metal fabrication shop with facilities in Bristol and Puerto Rico.
BW began primarily as a manufacturer of high tolerance and specialty metal products for the aircraft and automotive industries.
But it is expanding into the medical devices sector with stainless steel and titanium surgical tools and medical instrument components.
According to the governor’s office, BW will use the new financing for working capital and” to purchase new machinery and equipment that will allow the company to meet a recent increase in sales orders.”
The Connecticut Development Authority (CDA) Board of Directors approved the funds Wednesday. The assistance includes a loan and a loan guarantee, both in participation with People’s United Bank.
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