Gov. Dannel P. Malloy asked the State Bond Commission to approve a $2 million loan for FactSet Research Systems Inc., which would convert to an outright grant if the company adds 200 jobs as promised.
With a $1.8 million state loan at 2 percent interest, meanwhile, Shelton-based LifeCare Inc. plans to add another 200 jobs to its workforce of about 165.
As first reported by the Fairfield County Business Journal, Lonza Group is in the process of vacating two floors at 501 Merritt 7 in Norwalk following its acquisition of Arch Chemicals, which had been based there. FactSet occupies one floor of 501 Merritt 7 in Norwalk, having filled available space in its original building next door at 601 Merritt 7.
FactSet supplies information and feeds on financial markets for institutional investors, earning $46.7 million in its second fiscal quarter ending in February on revenue of $199 million. The company has 640 employees in Norwalk, more than 5,500 worldwide.
“We were coming off an incredibly volatile equity market both in Europe and the U.S. at the end of the summer ”¦ and obviously our market has kind of stabilized and started to head in the right direction,” said FactSet CEO Philip Hadley in a March conference call. “Our clients tend to react differently as a group ”“ the sell side goes into shutdown mode immediately and it takes them some time to recover. The buy side gets cautious and takes a wait-and-see attitude. I think obviously what starts to happen is the market starts to fix itself and our client base gets a little bit more confident.”
The Connecticut Department of Economic and Community Development (DECD) will provide a 10-year, $2 million loan at a rate of 2.5 percent for FactSet to add 200 jobs over five years. FactSet may also be eligible for job creation tax credits and up to $8 million in urban reinvestment tax credits.
LifeCare”™s expansion will cost a total of $3.7 million, as the company upgrades its Web capabilities. The Connecticut Department of Economic and Community Development will forgive as much as $750,000 if Life Care meets its job targets.
LifeCare provides a wide range of programs intended to boost employee productivity and loyalty, including varying advisory services for health, finance, and family services, among others. Some 61,000 companies use LifeCare”™s services, covering 51 million members.
In February LifeCare promoted Doug Klinger to CEO, replacing founders Peter and Jeff Burki. Klinger previously was president of North American operations for Massachusetts-based Monster Worldwide Inc., and before that held the same title at Cigna Health Services.
Connecticut is also providing Peter Paul Electronics a $2.5 million loan to move coil operations to New Britain from Puerto Rico, creating 75 jobs over five years in addition to the 125 employees it currently has. And Malloy is seeking a $1.5 million forgivable loan to Beacon Industries, which is in the process of acquiring TECT Power in Newington. Both companies make parts for the aerospace industry.
