GROTON, Conn. (AP) — General Dynamics has announced plans to expand its Electric Boat submarine manufacturing operation in Connecticut with the help of state loan.
The deal calls for the state Department of Economic and Community Development to provide EB with a $10 million dollar loan at a 2 percent interest rate over 10 years to support the $31.5 million project.
But the loan could be forgiven if the company its employment levels in the state reach 8,900 total jobs within two years.
EB has about 8,700 employees, but plans to add 200 jobs in the expansion, which involves buying some former Pfizer buildings in Groton to create workspace for engineers, designers and other professionals.
Electric Boat was awarded a contract valued at $17.6 billion from the Navy in April to build Virginia Class submarines.
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