Precision Engineered Products L.L.C. is acquiring Lacey Manufacturing from Germany-based Schaeffler Group, and is upgrading Lacey”™s Bridgeport facility with a $5 million loan from the Connecticut Department of Economic and Community Development.
The deal preserves 250 jobs in Bridgeport, according to Gov. M. Jodi Rell. Lacey makes medical devices and bearing components.
Precision Engineered Products is based in Attleboro, Mass., and makes metal and plastic molded assemblies. Frederic Hammerle, PEP”™s CEO, said the deal would likely not have gone through without the state loan due to the tight credit markets.
