Teamsters Local Union 1150 voted by a 15-1 margin Sunday for concessions sought by Lockheed Martin as part of an incentives deal with the state that will keep its Sikorsky Aircraft subsidiary and production of its next generation of helicopters in Connecticut, state officials said.
Connecticut legislators took a one-day break from re-election campaigns Wednesday to give bipartisan blessing to a $220 million incentive deal for Lockheed Martin that would keep its Sikorsky Aircraft subsidiary and production of its next generation of helicopters in a state desperate to grow its storied aerospace industry.
In the world of megadeals that states craft to attract and keep employers, the $220 million in incentives that the Connecticut General Assembly is expected to approve Wednesday for Lockheed Martin to produce Sikorsky’s new helicopter line in Stratford doesn’t crack the top 75 — nor is it the biggest subsidy ever obtained by Lockheed.
Legislators say a senior Lockheed Martin official told them in private meetings Monday that $200 million in incentives the company wants for its Sikorsky Aircraft subsidiary are needed to help offset the $400 million more it would cost to produce CH-53K helicopters in Connecticut in coming years rather than in competing states.
Most Republican legislators are expected Wednesday to support the Sikorsky Aircraft incentives deal negotiated by Gov. Dannel P. Malloy as a smart investment, while simultaneously arguing that the deal is necessary because of a high cost of doing business in Connecticut that they blame on the legislature’s Democratic majority.
STRATFORD — With a press conference Wednesday of the lawn of Sikorsky Aircraft, Gov. Dannel P. Malloy took a step toward rewriting his economic legacy from being the governor blamed for driving away General Electric and hundreds of headquarters jobs to the one who stabilized Connecticut’s aerospace industry for a generation.
Gov. Dannel P. Malloy and Lockheed Martin announced a tentative deal Monday to produce a new generation of Sikorsky heavy-lift helicopters in Connecticut at the cost of $220 million in financial incentives from the state and an agreement with its union workforce. The General Assembly is tentatively scheduled to consider the deal in special session Sept. 28.
WASHINGTON – For years Connecticut companies, large and small, have benefitted from a federally backed bank that helps them sell their goods overseas — but a bitter fight over whether the Export Import Bank is taxpayer-funded corporate welfare has put its future in question.
The Finance, Revenue and Bonding Committee unanimously backed the governor’s proposed aid plan to UTC – designed to trigger a major corporate expansion in Connecticut.