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UST, a worldwide manufacturer and marketer of wines and smokeless tobaccos, kept its 350 jobs in Connecticut by making the move to Stamford. In looking for a new corporate headquarters UST had several options, including many out-of-state locations. “My Administration will continue to fight to hold on to every job,” Governor Rell said. “By keeping UST and its employees in Connecticut we preserve communities and local businesses and benefit from the $15.5 million overall investment the company will be making in its new headquarters. The ‘multiplier effect’ makes keeping these jobs in our state all the more important.” The company invested $10.5 million in the move, along with the proceeds of the loan and $2 million in financing from the Connecticut Development Authority. Costs included preparation of the new facility, purchase of furniture, fixtures and equipment and relocation costs. “Especially in a time of economic uncertainty, having a company like UST make a long-term commitment to staying and growing in Connecticut is wonderful news,” Governor Rell said. “I wish them much success in their new building.” Under the terms of the loan, principal payments will be deferred for the first four years and amortized over the balance of the term. If UST meets employment goals, up to $1.5 million of the loan could be forgiven. The company is also eligible for tax credits of up to $950,000 through the Urban and Industrial Reinvestment Act. © Copyright by NorwalkPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of NorwalkPlus.com, Norwalk Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Related Articles: Only three Commission meetings remain for grant awards - Sep 26, 2008 - 3:16 PM Menopausal Symptom Management in Breast Cancer Survivors - topic at Norwalk Hospital - Sep 26, 2008 - 7:15 AM VivaPop All-American Soap Box Derby presented By Miller Motorcars raced down Greenwich Avenue - Sep 25, 2008 - 12:07 PM Pulitzer Prize-winning editorial cartoonist Matt Davies’ “Campaign Wishes” exhibit at Westport Arts Center - Sep 25, 2008 - 11:37 AM Historical tragicomedy “Hugo in London” premieres in Greenwich - Sep 25, 2008 - 6:18 AM CURRENT HEADLINES: Top of Page
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