Leipold to hire 20 employees in Hartford
HARTFORD, Conn. – Precision manufacturer Leipold Inc. announced it will increase employment by up to 50 percent over the next two years. The company manufactures precision components in the automotive, electrical, hydraulic, pneumatic and telecommunication industries.
The company plans on increasing its plant size from 15,000 square feet to 35,000 square feet, and hire and train up to 20 new employees. It will also add 20 new computer numerical controlled (CNC) lathes, nearly doubling the existing capacity.
Utilizing a recent expansion of manufacturing training at the state’s community colleges and technical high schools that was signed into law by Gov. Dannel Malloy in 2011, Leipold has been partnering with Asnuntuck Community College and other state educational institutions to develop apprenticeships. The company currently has two full-time employees from that program, and another apprentice currently in training.
“Our partnership with Asnuntuck is one of the reasons Leipold, Inc. is expanding here in Connecticut,” said General Manager Michael Kraemer, who also sits on the machinist program advisory board at Asnuntuck. “The investments that the Malloy administration is making in the development of Connecticut’s workforce are crucial to our long- term success and will allow us to maximize the opportunity for job creation that the funding announced today supports.”
The total project cost is $8 million, which includes a Department of Economic and Community Development Manufacturers Assistance Act loan of $3 million. Terms are one percent for ten years, with principal deferred for the first six years. Forgiveness of $1 million may be offered if Leipold retains 40 jobs and creates ten within four years.