Peter Paul Electronics employees had the chance to meet Connecticut Gov. Dannel Malloy as he and Mayor Tim O’Brien of New Britain stopped by to greet employees with a handshake and a few words on June 1st, 2012. Peter Paul is receiving $2.75 million in grants.
The state has agreed to lend $2.5 million to Peter Paul to buy equipment, upgrade machines and consolidate its coil operations. Up to $1.5 million will be a grant if the company meets its promise of creating 75 manufacturing jobs in the city over the next five years. The City of New Britain also chipped in $250,000 in training aid, which also be forgiven if the company meets its goals.
“We are leading manufacturer of solenoid valves,” said Michael Mangafico, one of the owners and manager of sales of Peter Paul. “We have been able to continually improve our operations which lead to an expanded sales force in 2009 targeting significant growth.”
A new research and development center is in progress.
“We will use these funds to purchase new equipment and take certain other steps all which will make us more efficient,” said Mangafico. “It is this efficiency that will help us grow another 75 jobs.”