Connecticut is providing up to $27 million in loans, grants and tax credits under the state’s “First Five” program to Pitney Bowes, helping to finance an expansion that will add 200 jobs to the company’s work force of 1,600 over the next five years, the state announced Wednesday.
Gov. Dannel P. Malloy typically holds press conferences to announce awards under FIrst Five, an economic-assistance program the administration launched in 2011 for major employers willing to promise the addition of at least 200 jobs.
A spokesman for the governor said PItney Bowes, which concluded negotiations Tuesday night for the assistance, was eager to inform the public and employees of a deal that will keep its corporate headquarters in Stamford, so the assistance was announced by email. The company’s sale of its existing headquarters building in Stamford in August had sparked rumors of a move.
The state will provide the company with a $15 million loan, but only $5 million has to be repaid if the company keeps its promise to create 200 jobs over the next five years. Pitney Bowes also will receive up to $10 million in urban and industrial site reinvestment tax credts and $2 million in grants.
The company will invest $25 million in its technology center in Danbury, its business operations center in Shelton, and a new headquarters in Stamford.
“We are thrilled that Pitney Bowes will remain in Stamford and intends to hire 200 additional employees in Connecticut,” Malloy said. “Pitney Bowes has been a fixture in Connecticut for over 90 years and has exciting growth plans for its future in areas such as digital commerce and location intelligence. We are proud that the next chapter for this great company will be written in Connecticut.”
Pitney Bowes is the 11th company to benefit under the “First Five” program.