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Montville — Thomas G. Faria Corp. will receive a $3.5 million loan from the state, Gov. Dannel P. Malloy announced Thursday.
The loan is in support of the company’s planned expansion and acquisition of an out-of-state firm, the governor said in a press release.
“Manufacturing is a critical part of Connecticut’s economic recovery,” Malloy said. “This investment demonstrates our commitment to strengthening and expanding our manufacturing base, and creating good jobs in Connecticut.”
Faria, which employs 151, will hire 35 new full-time employees during the expansion, and anticipates hiring 50 more after the expansion.
Founded in 1956, Faria manufactures analog and digital instrumentation for marine vessels and military, industrial, and recreational vehicles. The expansion will include upgrading Faria’s machinery and equipment, and assistance with marketing and engineering development.
Faria began working with the local legislative delegation, the Department of Economic and Community Development, and the governor’s office last year, according to state Rep. Betsy Ritter, D-Waterford.
She joined Rep. Tom Reynolds, D-Ledyard, and Rep. Kevin Ryan, D-Montville, in applauding the loan.
Department of Economic and Community Development will provide a 2 percent loan for 10 years, with principal and interest deferred for one year.
Faria received a $500,000 loan from the Connecticut Development Authority in 2009.