by Guy Sagi - Wednesday, March 29, 2017
Colt’s Manufacturing is purchasing its property and adding 100 employees over the next five years.
On March 24 it was announced that Colt’s Manufacturing is making investments to expand operations and purchase its West Hartford headquarters and factory. Total cost of the project is estimated at $23 million, and the company not only intends on retaining its current work force of 600, it anticipates adding another 100 jobs in the next five years.
The firearm legend has been manufacturing firearms in the state since 1847. “Colt is a proud part of Connecticut history and we are committed to our employees and the company,” said Colt CEO Dennis Veilleux in a press release. “We are working hard to transform our business to better serve our customers and carry on Colt’s tradition of quality and excellence. Acquiring our headquarters and facility is a key part of this strategy.”
The Connecticut Department of Economic and Community Development is providing a $10 million loan to help underwrite the effort, with as much as $2 million “forgiven” if the company reaches its employment goals. Value of the land and manufacturing plant are estimated to be $13 million.
The company has been working hard since its emergence from Chapter 11 bankruptcy protection, and brought back an old favorite at the 2017 SHOT Show—the Cobra. Others in the firm’s refreshed lineup quickly gaining favor with shooters include the Delta Elite 10 mm and the Gold Cup 1911 pistols.
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