Polamer Precision Secures Funds for Expansion Project
Wednesday, February 27, 2013
By SCOTT WHIPPLE
NEWINGTON — Polamer Precision Inc. has secured financing for its company relocation/expansion project in Pinnacle Business Park in New Britain. The entire cost of the project is estimated at $9.7 million.
The aerospace manufacturing firm secured financing for 40 percent of the project through Connecticut Innovations of Rocky Hill and 50 percent, $4.73 million, through Bank of America. Polamer Realty NB LLC, a subdivision of Polamer Precision, Inc., is financing the remaining 10 percent of the project, $970,000; it will own the property and lease it to Polamer Precision.
The $4 million loan with Connecticut Innovations (formerly the Connecticut Development Authority, a political subdivision of the state) was made possible through the Connecticut Works Fund, also known as “Fund A.” This fund is used for direct loans and loan guarantees. Eligible entities include most manufacturing-related projects and any project that supports the economic base of the state through job creation, defense diversification, exporting and development of innovative products or services. Projects financed by this state-sponsored program are intended to encourage growth and the retention of business in the state.
Construction is already under way on the 150,000-square-foot state-of-the-art facility. PDS Engineering and Construction of Bloomfield is the construction firm. Completion of the project is set for October. Polamer will borrow the $4 million at a fixed rate of 2 percent a year with a maturity date of May 1, 2024. In accordance with the loan agreement, Polamer has agreed to employ at least 122 full-time employees at thecity location by March 13, 2016. Company CEO and President Chris Galik said the closing last November followed a lengthy process involving “yards of red tape.”
Mayor Timothy O’Brien and Bill Carroll, business development director for the city, worked with Polamer Precision executives including Galik and Andrew Dulnik to finalize and close the sale of lots 9 and 10 at the Pinnacle Park Project.
Polamer has first right of refusal on adjacent lots for future expansion.
Founded in 1997, Polamer Precision produces high-quality engine and airframe components. Polamer is committed to the on-time delivery of its parts certified to the rigorous standards of ISO9001; 2008, and AS9100 Rev C.