Date: 25 December 2007
The Connecticut Bond Commission recently approved a $1.5 million loan to Emhart Glass Manufacturing in Enfield, Conn. The funds will go towards expanding Emhart Glass’s operations in Connecticut and help purchase necessary machinery and equipment for their new Research and Development facility in Windsor.
Emhart Glass is the world’s leading supplier of equipment, controls and parts to the glass container industry. Emhart Glass is headquartered in Cham, Switzerland and has 15 offices in 11 different countries. Their United States headquarters is located in Enfield.
The new facility in Windsor will be the center of worldwide research and development for Emhart Glass. The Company plans to manufacture new equipment, develop a new glass container strengthening process, and then to mass manufacture those containers at the new facility.
Terms of the DECD loan are 3 percent for 10 years with principal payments deferred for two years. The company will be eligible for a loan forgiveness credit of $500,000 provided that it creates and retains 90 jobs by the third anniversary year of the assistance agreement.