June 1 is a day Peter Paul Electronics employees will not soon forget. Not only did the firm get $2.75 million in grants, but employees had the chance to meet Gov. Dannel Malloy as he stopped by to greet employees with a handshake and a few words.
The state has agreed to lend $2.5 million to Peter Paul to buy equipment, upgrade machines and consolidate its coil operations. Up to $1.5 million will be a grant if the company meets its promise of creating 75 manufacturing jobs in the city over the next five years. The City of New Britain also chipped in $250,000 in training aid, which also be forgiven if the company meets its goals.
The funding is from Connecticut’s Manufacturing Assistance Act which has distributed about $670 million in grants and loans to state businesses.
“We are leading manufacturer of solenoid valves,” said Michael Mangafico, one of the owners and manager of sales of Peter Paul. “We have been able to continually improve our operations which lead to an expanded sales force in 2009 targeting significant growth.”
A new research and development center is in progress.
“We will use these funds to purchase new equipment and take certain other steps all which will make us more efficient,” said Mangafico. “It is this efficiency that will help us grow another 75 jobs.”
Gov. Malloy congratulated the employees of Peter Paul for finding a great company to work for in these tough economic times.
“Here is this great company who decided to invest in itself,” said Malloy. “It is a testament as to what can be accomplished.”
Malloy said this is a real sweet spot in Connecticut.
“We have some of the most productive employees in the world working in Connecticut,” said Malloy. “And we are aggressively pursuing new companies to move to our state or move back to our state.”
Malloy said Peter Paul will be used as an example of what great precisions manufacturing is in Connecticut.
“This is an exciting day for Connecticut and New Britain,” Malloy added. “There are a lot of great things happening here in Connecticut.”
“When we started working on this I was just coming into office,” said Mayor Tim O’Brien. “We have been working in direct contact continuously and that is what I would like to see. This company has been committed to the City of New Britain for decades.”
He said New Britain is showing the way to a brighter future in the City and the country.
“We want to work with you as we grow jobs and build our economy here in the City of New Britain,” concluded O’Brien. “The future is bright and we are going to build it right.”
Peter Paul Electronics, 480 John Downey Drive, currently employees about 125 people. It was established in 1947 and provides through worldwide distribution a broad range of standard and miniature solenoid valves, explosion proof, high-flow and high pressure models – most UL and CSA listed; complementary manifolds and stacking bodies in stainless, brass or aluminum; solenoid valve operators for OEM use; and a vast array of body, housing and coil options for standard and special applications.