News
$3 million to help UST relocate, preserve jobs in Connecticut
By Governor Rell's office
Mar 19, 2008 - 4:18:17 PM

Governor M. Jodi Rell today announced that a $3 million loan to help UST relocate its corporate headquarters from Greenwich to Stamford is expected to gain approval when the state Bond Commission meets March 28.

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.

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