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Wednesday, February 26, 2014

Malloy Seeks Tax Relief to Trigger $500M UTC Expansion

By Keith M. Phaneuf

www.ctmirror.org

United Technologies Corp. would launch a major $500 million investment in its research, training and corporate facilities later this year in exchange for $400 million in tax relief over the next two decades under a deal Gov. Dannel P. Malloy announced today.

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Gov. Dannel P. Malloy and UTC Chairman Louis Chenevert announce major expansion deal at Pratt & Whitney in East Hartford. (CLICK TO ENLARGE) Ctmirror.org photo

The agreement, which requires legislative approval, also requires UTC to keep the corporate headquarters of its two main subsidiaries – East Hartford-based Pratt & Whitney and Sikorsky Aircraft of Stratford – for 15 and 5 years, respectively.

And while it came days after Sikorsky announced 600 manufacturing layoffs, Malloy hailed the deal as the best chance to preserve the aerospace giant’s knowledge base and grow jobs in this field in Connecticut in the future.

“Connecticut has long led the world when it comes to the aerospace industry,” said Malloy, who announced the deal at Pratt’s Museum Hangar. “We will ensure that we remain a leader for years to come. This is a once-in-a-generation opportunity, one that will make sure we are keeping and creating good-paying jobs with good benefits – not just in the UTC companies, but also in the hundreds of aerospace supply chain companies throughout the state and the region.”

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