With a $27 million incentive package from the state, Pitney Bowes plans to stay in Stamford.
The mail and information technology company announced in September possible plans to leave “the city that works,” after selling its international headquarters, located near Stamford’s Harbor Point development project.
Under Gov. Dannel P. Malloy’s First Five program, the company will receive a $15 million loan, of which $10 million will be forgiven if the company creates 200 jobs in five years. Additionally, the company is set to receive up to $10 million in urban and industrial site reinvestment tax credits;Â a sales and use tax exemption of up to $1 million for capital improvements; and a $1 million job training grant.
“Pitney Bowes has been a fixture in Connecticut for over 90 years and has exciting growth plans for its future in areas such as digital commerce and location intelligence,” Malloy said in a press release. “We are proud that the next chapter for this great company will be written in Connecticut.”
Between its Stamford, Danbury and Shelton offices, Pitney Bowes employs roughly 1,600 people. The move comes at a time when the company is faced with several restructuring initiatives, in light of a difficult economy and dwindling postage revenues.
After the company sold its headquarters, CEO Marc B. Lautenbach, Â reportedly said search plans for a new headquarters would include Stamford but would not be limited to the city.
The company is the 11th to receive a package under the First Five program.
“Our long-standing commitment to Stamford and the state of Connecticut is stronger than ever,” Lautenbach said in a press release. “On behalf of all of our employees around the world, I want to thank Gov. Malloy and his team for establishing a true partnership with our company. Today”™s agreement allows us to continue to make investments in Connecticut as we deliver value for our shareholders and clients.”
