.

Shelton-based Lex Products to Get $1.5M Stimulus Loan From State

The loan will enable the Shleton-based company to retain 182 positions and create up to ten new jobs, according to a press release.

The State of Connecticut is reportedly providing a $1.5 million low interest loan to -based to support a multi-million dollar expansion project which will retain 182 positions and create up to ten new jobs.

The news will be of some relief to Shelton residents who have witnessed the departure or downsizing of some of the town's largest businesses in the past year: In January global manufacturing company announced it would be issuing pink slips to about 75 workers at its Shelton facility, after deciding to send those jobs overseas; in February announced that it would be moving about 170 jobs from Shelton to its new facility in Danbury (however the company will keep some operations in Shelton); and in March, Shelton-based announced that it would be moving its operations, resulting in the loss of 200 to 225 jobs.

The loan, administered by the Department of Economic and Community Development, may be used for the purchase of machinery and equipment, according to a press release. The funds are expected to be approved at the next State Bond Commission on meeting on August 31.

Lex Products designs and builds portable power, power distribution and control systems for the entertainment, military and industrial markets.

According to the release the company is seeking to expand through the acquisition of a European company, as well as a joint venture with a UK company. Should these two deals come to fruition the company plans to transfer some or all production to Connecticut.

"Lex Products has been an , and the Naugatuck Valley, as both an employer and community supporter for more than 20 years and this low interest loan will allow them to remain part of the fabric of our community and to grow into the future," State Rep, Jason Perillo (R-Shelton) said.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »