State reaches $220 million deal to keep Sikorsky headquartered in Stratford for 16 more years
On Tuesday, Malloy said that he had reached a deal with Lockheed Martin, the overhead company of Sikorsky, to keep the headquarters in Stratford through 2032; it has already been there for more than 85 years. The deal is subject to legislative approval before it is final. The deal would grow the workforce to about 8,000 jobs in Connecticut by 2030 at the latest.
Under the deal, Sikorsky will base a new project to build nearly 200 new CH-53K King Stallion helicopters for the Navy in Connecticut, and will double its spending on in-state suppliers to about $700 million. In turn, Malloy says that will help strengthen “our standing as an aerospace and manufacturing leader.”
The deal calls for Connecticut to provide up to $220 million in financial incentives to Sikorsky to stay. The money will be conditional on Sikorsky meeting benchmarks, such as growing jobs and payroll and sticking to the agreement to use in-state parts suppliers. There is also an eligibility for a performance incentive bonus if it exceeds goals.
Part of the incentives also includes sales and tax exemptions.
At the end of August, Sikorsky announced it would lay off more than 100 employees in Connecticut. Just weeks earlier it was announced that the upkeep for Marine One would be moved out of Connecticut as well.
More details will be announced on Wednesday, Malloy said.