Oxford magnetic brake manufacturer Magnetic Technologies is leaving its longtime home for a new facility in Connecticut industrial park.
Connecticut Gov. Dannel Malloy announced the company’s move Thursday afternoon. The move and the new facility will cost $5.26 million and create 40 jobs over the next five years, the governor’s office said.
The company is planning to purchase a lot in the Putnam Industrial Park in Putnam, Conn. The Connecticut Department of Economic and Community Development is chipping in with a $1.5-million loan, part of which may be forgiven based on job creation.
In a statement included in Malloy’s announcement, President John DeLuca said said the new location will provide the foundation for the company’s continued growth.
The company could not immediately be reached for comment.
