Bethel-based Memry Corp., a manufacturer in the “shape memory alloys” industry, is expected to add 76 new jobs to its workforce of 153 employees by November 2017 with the expansion of its facility in Bethel., Gov. Dannel P. Malloy has announced.
The state Department of Economic and Community Development will provide Memry with a $2.75 million loan at an interest rate of 2 percent for 10 years. The state”™s Manufacturing Assistance Act loan will help the company cover the $7.9 million total cost of the project, which includes the acquisition of machinery and equipment. The state”™s Bond Commission approved the funding at its meeting July 25.
The project calls for 15,000 square feet of new building space.
“Connecticut has provided an ideal environment for our company for the past 33 years,” said Marcy Macdonald, vice president of human resources at Memry. “Memry is enriched by the talented and diverse employees we can attract in this area. The support that the state has shown for our growth is further confirmation that this is the ideal spot for our company”™s future.”
Memry will receive loan forgiveness if the company meets its job retention and creation targets by November 2017. Memry will receive $687,500 in loan forgiveness if the company retains its existing employment level of 153 full-time employees and adds 38 jobs within three years. If Memry retains 153 employees and adds 76 jobs in that time frame, $1,375,000 of the loan will be forgiven.
Memry produces nitinol, “a metal alloy with shape memory and super elasticity properties.” The company provides a range of nitinol materials and services, including metal fabrication and finishing, plus engineering and engineer support in prototyping and production. Memry serves the medical device, aerospace, defense and automotive markets.
