Novo Precision planning from city grant

Published on Friday, 9 March 2018 21:42
Written by Lorenzo Burgio

@BURGIOBP

BRISTOL - Novo Precision has purchased new equipment, is expanding its facility and creating jobs with the help of a $44,000 grant from the Bristol Development Authority.

The company specializes in wire forming, cut-to-length services, component machining, and engineering, and building manufacturing equipment for other companies.

Three months ago, the company saw a need for more space and purchased Bechert Bros. Manufacturing Co., located across the street, gaining 20,000-square-feet and the potential for a 10,000-square-foot addition, President William Hazard said.

“The grant is going to help us in outfitting across the street,” Hazard said. “We bought the real estate and the equipment, and now we are doing a massive update. We kept some equipment, but sold most of it. Then when we get new contracts, we will buy more new equipment.”

The grant also covers 5 percent of the new equipment the company purchased, which includes a rifle barrel manufacturing machine, tube cutting machine, and a CNC mill and drill machine, Hazard said.

The company receives a $1,000 reimbursement for each full-time position added to its payroll and filled by a Bristol resident, explained Executive Director of the development authority Justin Malley. It will also receive $750 for each full-time position added and filled by a non-Bristol resident, he added.

“Novo is investing a large amount of capital in new equipment and a new facility to support business growth. There will also be new jobs and over $600,000 in new equipment,” said Mayor Ellen Zoppo-Sassu. “I am excited about their business model, their employment projections, and the entrepreneurial partnership that emerged between Novo and Bechert.”

The development authority’s manufacturing grants are for manufacturers investing in equipment purchases of $50,000 that result in a business expansion. The grants have provisions requiring repayment of a percentage if the company leaves Bristol within 10 years.

“We have had success in recent years with the grants, but this project is so interesting because it’s a different way that the BDA can help companies,” Malley said. “In Bristol, manufacturing is the foundation of our local economy. The amount of jobs that manufacturing provides is staggering.”

“The manufacturing equipment that the funds purchase is the sort of project that the grant is meant for,” Malley said. “The company can now expand, and it’s in the city’s best interest that Novo and other companies can grow, add employees and make sure that they can make these investments.”

“From an economic development perspective, we want to promote Bristol’s advantages. And that’s our employment base,” Malley continued. “It’s about the city’s history and how people here have grown up with manufacturing in their families. We stand out. It’s our advantage at this point. When people retire from manufacturing, it’s our job to make sure that the legacy continues.”

Lorenzo Burgio can be reached at 860-801-5088 or by email at lburgio@centralctcommunications.com.



Posted in The Bristol Press, General Business, Bristol on Friday, 9 March 2018 21:42. Updated: Friday, 9 March 2018 21:44.