WALLINGFORD, CT–Polylok Inc. will relocate within Wallingford rather than move its operations to North Carolina. The components manufacturer has purchased an 8.5-acre parcel on Fairfield Avenue where it plans to build a 125,000-sf corporate headquarters, manufacturing and warehouse building.
Company officials said that the development cost for the new building will be between $5 million and $6 million. The company purchased the site about six months ago for approximately $700,000, according to Patrick Mulhall, vice president of sales.
The state intends to loan the firm $1 million to help build the new facility. The incentive is expected to be approved by the State Bond Commission on Jan. 27. The loan will be at 3% for 10 years.
"The company will retain 39 full-time positions and create an additional 20 full-time positions with this loan," Gov. Jodi Rell said at a press conference announcing the relocation. "Economic development officials in Wilmington, NC tried to get Polylok to relocate there. Without Connecticut's incentives, the owners may well have moved Polylok [and affiliated company All Molded Plastics] out of state."
Polylok and affiliate All Molded Plastics currently lease a combined 50,000 sf at 60 Capital Dr. All Molded Plastics will relocate to the new building upon its completion, Mulhall noted. Construction is expected to begin this spring with occupancy projected in early 2007.
Polylok manufactures components for the on-site wastewater, drainage and pre-cast concrete industries. The company was founded in 1984 as an offshoot of United Concrete Products, which also has operations here.
Gov. Rell at the Polylok event also reported that a $4-million loan to Mortgage Lenders USA Inc. is expected to be approved by the State Bond Commission later this month. Mortgage Lenders USA expects to break ground in March or April on an 180,000-sf corporate headquarters building on the corner of Route 68 and Leigus Road in Wallingford. The mortgage lender announced earlier this year that it plans to add 1,000 jobs in the next eight years.
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