Praxair Inc., a Danbury-based industrial gases company, plans to invest $65 million to build a 100,000-square-foot corporate facility in the city.
The company will retain 535 positions statewide and be provided with incentives to create up to 120 jobs in the state over the next five years, according to a press release from the governor’s office. Praxair chose to stay in Connecticut amid proposals from Texas and New York to lure away its global headquarters.
“We compete to attract and retail globally recognized corporations like Praxair at every opportunity because of the direct and indirect benefits they bring to Connecticut’s economy and because their presence enhances Connecticut’s reputation around the world as a great place for these companies to call home,” Gov. Dannel Malloy said in the press release.
Praxair, which holds about 4,000 patents, employs more than 27,000 people and operates in 50 countries, providing atmospheric, process and specialty gases and high-performance coatings and related services to industries including health care, food and beverage, energy, aerospace, chemicals, electronics and manufacturing.
“We undertook an extensive evaluation and ultimately concluded that the state of Connecticut and the city of Danbury continue to be the right location for our global headquarters,” Praxair Chairman and CEO Steve Angel said in the press release.
Among the state incentives offered to the company are a $10 million forgivable loan through the Department of Economic and Community Development, eligibility for up to $20 million in tax credits through the state”™s urban and industrial sites reinvestment program and eligibility for up to $2.5 million in sales and use tax exemptions.
Praxair also recently announced that senior vice president, general counsel and corporate secretary Jim Breedlove will retire Feb. 27 after 10 years with the company. Guillermo Bichara, currently associate general counsel and assistant secretary, will succeed Breedlove as vice president on Jan. 1. Breedlove will serve in an advisory role until Feb. 27.
