EDAC changes relocation plan

July 3, 2012 at 1:15 PM

FARMINGTON, Conn., July 3 (UPI) -- U.S. aerospace and industrial components manufacturer EDAC Technologies Corp. has obtained a new facility in Connecticut.

Acquisition of the 293,000-square-foot plant -- formerly owned by United Technologies Corp. -- negates an earlier relocation plan and allows EDAC to concentrate all its operations in Connecticut to the new location.

"We reacted quickly to the opportunity to purchase UTC's Pratt & Whitney Cheshire facility, which is world-class in every respect," said Dominick A. Pagano, EDAC's president and chief executive officer. "Sited on 50-acre campus, the significantly larger Cheshire facility is already equipped with the advanced manufacturing infrastructure to support our type of operations and projected future growth.

"As a result, the total cost of the Cheshire facility will be well below the combined purchase price and capital improvement/expansion budget for Plainville" facility the company acquired for some of its manufacturing units.

The Plainville site is being sold to a real estate investment firm.

The purchase of the Cheshire property was financed by a mortgage loan with TD Bank N.A.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Ford recalls 432,000 North American vehicles over software bug
Volvo unveils new child seat concept
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules