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.