WINDSOR LOCKS, Conn. (AP) — Connecticut Gov. Dannel P. Malloy says Serta Simmons Bedding LLC is planning to relocate its Massachusetts operations across the border to Windsor Locks.
Malloy announced Monday the state is providing the bedding manufacturer with an $8 million, 10-year loan at a 2 percent interest rate. Connecticut will forgive $5 million of the loan if the company maintains approximately 200 new and relocated promised jobs for two consecutive years.
The funding ultimately needs approval from the State Bond Commission, which Malloy chairs. It will be used for improvements to leased manufacturing space in Windsor Locks as well as for new machinery and equipment.
Mark Baron, the firm’s executive vice president of operations, said Serta Simmons Bedding was grateful for the state relocation assistance and said the region offered “tremendous geographical advantages.”