GROTON — The state of Connecticut is helping General Dynamics Electric Boat make the improvements needed to accommodate a $5.1 billion contract with the U.S. military and grow its workforce.
Democratic Gov. Dannel P. Malloy said Tuesday it's not just a "good deal" for southeastern Connecticut, where EB is located, but the entire state where over 700 supply chain companies in over 100 towns "will see increased demand from the best submarine-maker in the world."
“Under the terms of this new agreement, Electric Boat will grow its workforce by nearly 1,900 jobs, bringing it to over 13,000 jobs in the coming years,” said Malloy.
“We basically build things that help them make the submarines more efficiently, more effectively,” said Collins and Jewell Company Chief Financial Officer Chris Jewell.
Connecticut is providing a $35 million forgivable loan for machinery and equipment; up to $20 million in tax exemptions; $20 million for dredging; and $8 million for workforce development programs through community colleges, technical high schools and various organizations.
EB plans to make $852 million in capital investments over 17 years and boost hiring by 1,881 workers.