CT, B of A Stake Polamer Precision’s NB Build
Newington’s Polamer Precision Inc. says it has gotten $8 million in bank and state funding to erect the aeroparts maker’s new home in New Britain’s Pinnacle Business Park.
A $4 million, 2 percent construction loan from Bank of America and a $4 million loan from Connecticut Innovations Inc., the state’s technology-investment arm, were the remaining pieces Polamer needed to break ground last December, the company said Wednesday.
A separate entity, Polamer Realty NB LLC, is putting up $970,000 and will own the state-of-the-art facility that it leases back to Polamer Precision, the company said.
Andrew Churchill Architect P.C., of Indianapolis, is project designer. Contractor is Bloomfield’s PDS Engineering & Construction.
In return for state money, Polamer pledged to employ at least 122 full-time employees in New Britain within three years. The company has 72 workers.
Last November, Polamer Precision bought two city lots in Pinnacle Business Park, on Alton Brooks Way, and says it has options on adjoining lots for future expansion.
Polamer, currently housed at 16 Progress Circle in Newington, makes ISO-certified engine and airframe components for military and commercial aircraft.