Posted March 28, 2017 1:15 am by Comments

By Daniel Terrill

A Colt assembler tinkering with the slide to a 1911 pistol under the haze of an Instagram filter. (Photo: Colt/Facebook)
Colt’s Manufacturing, which emerged from bankruptcy last year, entered into a $23 million expansion project with Connecticut, a state often seen at odds with the gun industry.
Gov. Dannel Malloy’s office said Colt buying its West Hartford headquarters and manufacturing facilities, which it has been leasing, is a key part of the gun maker’s growth strategy.
His office added the acquisition of the property will allow Colt to retain 600 current employees and add 100 more jobs over the next five years.
The state’s Department of Economic and Community Development is supporting the project with a $10 million loan, with up to $2 million forgiven if job milestones are met. Also, state funds will be used to help Colt with acquiring the manufacturing facilities and land, valued at $13 million.
“This means hundreds of good paying manufacturing jobs for the people of our state,” Malloy said in Friday’s statement, adding Colt will stay in the area in which it was founded nearly two centuries ago.
Colt’s chief executive officer echoed Malloy’s statements, praising his company’s efforts to transform its business. “Colt is a proud part of Connecticut history

Source: Guns.com

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