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Alexion reminds Malloy of the risks and rewards of corporate aid

Gov. Dannel P. Malloy picked the gleaming new New Haven offices and labs of Alexion Pharmaceuticals a year ago to highlight the returns Connecticut was getting on its economic development investments. On Tuesday, Malloy stood outside his office to answer questions about Alexion’s plans to slash jobs, close a Rhode Island production facility and relocate its headquarters to Massachusetts, while keeping a “Research Center of Excellence” in New Haven. Continue Reading →

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Malloy defends $35 million to hedge fund as investment

With $35 million in economic incentives for a Greenwich hedge fund manager, Gov. Dannel P. Malloy showed once again he is more willing to accept criticism for the price paid to keep high-paying jobs in Connecticut than to risk seeing them depart for New York. Continue Reading →

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Henkel to move business from Arizona to Stamford, with state aid

Henkel, a German manufacturer of soaps, beauty products and industrial sealants, is expanding operations in Connecticut by moving its laundry and beauty divisions from Scottsdale, Ariz., to Stamford with the assistance of up to $20 million in forgivable loans from the state’s “First Five Plus” program. Continue Reading →

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Call it corporate welfare or investment, Malloy says it pays off

NEW HAVEN — Gov. Dannel P. Malloy gave an upbeat assessment Tuesday of what Connecticut is getting for the $256.6 million in direct state assistance he’s given to some of the world’s biggest and richest corporations, investments often made in the face of genteel blackmail — the knowledge another governor may be waiting with a competing offer. Continue Reading →

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State to help finance Electric Boat expansion

WASHINGTON – Gov. Dannel Malloy is set to announce the Department of Economic and Community Development will provide Electric Boat $10 million in assistance to help the submarine maker purchase one of the buildings that housed Pfizer before the pharmaceutical company moved out of the state, a congressional source said. Continue Reading →

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