Bicycle maker Cannondale Corp., which does business as Cannondale Sports Unlimited, will relocate its headquarters from Bethel to Wilton by fall 2013 and plans to hire an additional 75 staff, Gov. Dannel P. Malloy announced last week.
Cannondale has signed a lease for 50,000 square feet of space at the I-Park development on the Wilton-Norwalk border, saying it has outgrown its current facilities. The company is set to receive a 10-year loan of $3 million at a rate of 2 percent from the state to assist with its move and hiring plans.
Bob Baird, president and CEO of Cannondale, said the company considered “several locations” in Connecticut and New York.
“We are thrilled to be able to expand our operations in Wilton, the original home of our Cannondale brand, to continue our legacy of growth and innovation,” Baird said in a statement. Cannondale is a subsidiary of Dorel Industries Inc., a Quebec-based firm that owns a range of consumer brands.
Malloy called Cannondale “an iconic brand,” and said the company’s decision to stay in Connecticut is “positive news for our economy.”
The headquarters will house marketing, research and development and product design staff. The $3 million state loan is contingent on approval by the state Bond Commission. Should it be approved and should Cannondale hire at least 75 new workers over four years, $2 million of the loan is forgivable.
The company is moving to Norwalk, not Wilton. Its typical for Cannondale to mislead people. All the claims about their bicycles are much of the same. Garbage bikes made in the same Asian factories as their mass market brand, Schwinn.