I-Park
family
expands
By Linda Lemmon
Town Crier Editor
PUTNAM — The town’s Industrial Park will welcome a new tenant.
Magnetic Technologies Ltd, an Oxford, Mass., manufacturer of high-quality magnetic brakes for the wire and cable industry, is moving Putnam.
The $5.26 million project will create 40 jobs over the next five years, according to Governor Dannel P. Malloy’s office.
Delpha M. Very, director of the town’s Economic & Community Development, said negotiations continue on the sale price for the 10-plus acre Lot 5 on Highland Drive.
In the meantime, the state Department of Economic and Community Development (DECD) will assist the relocation and expansion through a $1.5 million loan. The company will be eligible for partial forgiveness based on job creation. The DECD office said that the funding will be used for the purchase of machinery and equipment and capital improvements.
Very said that the company will build a 40,000-square foot manufacturing and research facility.  The company is on target to complete the project in 2019, she added.
“We have been courting this business for over a year and are thrilled that they have chosen Putnam. Magnetic Technologies is a sophisticated manufacturing firm with an extensive research component to design quality needs for the future. They are strong, sustainable and growing with an impressive workforce. The longevity of employees within the company speaks volumes to being a great company to work for and to grow with,” Very said.
She added while it is a numbers game, what attracts companies to Putnam is its quality of life.
The state’s manufacturing assistance loan is a powerful job creation tool. Very said “It’s about job creation.” Also helpful for Magnetic Technologies Ltd. winning the loan was that the company is coming from out of state. Very said, “Instead of a company moving out, it’s about a company moving in.”
Another enticement to Magnetic Technologies Ltd. is the Connecticut Enterprise Zone Program.
Very said that the state offers businesses coming into an Enterprise Zone (I-395 Corridor) a five-year, 80 percent abatement of local property and personal property (equipment) taxes. The abatement applies to all qualifying real and personal property taxes that are new to the grand list. The town is not reimbursed for the abatements as it was in the former PILOT program.
Malloy said: “Advanced manufacturing is a key economic driver in our state and is getting stronger by the day. We are thrilled that Magnetic Technologies will soon be calling Connecticut their home.”
Established in 1984, Magnetic Technologies has expanded their offerings from magnetic brakes to magnetic shaft couplings, permanent magnet hysteresis and eddy current devices, magnetic capping headsets and advanced payoff solutions.
“Magnetic Technologies is looking forward to relocating to the Putnam Industrial Park,” said John DeLuca, president of Magnetic Technologies. “The Putnam location and the new facility will provide the foundation for our continued growth.”
Putnam Mayor Norman “Barney” Seney said, “We are honored that Magnetic Technologies has chosen the Putnam Industrial Park as its new home. The Town of Putnam is committed to support and nurture this business to ensure the continued success they have realized for the past three decades.  We are especially appreciative of the Connecticut Department of Economic and Community Development for their unwavering support and encouragement in this partnership to make the State of Connecticut a great place to do business.”
State Representative Daniel Rovero said he was grateful that the project received state funding as it is “critical to the expansion and retention of much-needed jobs and economic development in our area.”