Stanley Black & Decker will build a new facility in Hartford to help grow the "innovation scene" in the capital city.
The company announced it will open an Advanced Manufacturing Center of Excellence and an Additive Manufacturing Accelerator in the capital city.
The 23,000 square foot facility will be built at 1 Constitution Plaza and is expected to employ 50 people.
The global leader will use some of the space to make improvements on their tools and cyber security. The rest of the space will be to help startup companies in advanced manufacturing grow their businesses.
Stanley Black & Decker’s President and Chief Executive Officer Jim Loree said they have worked closely with the mayor's office and "are excited to be a part of building a vibrant, strong capital city."
"With the budget now passed, the hard work can begin to solve some of the state’s structural fiscal challenges and put the state on a more sound economical path. We cannot lose the sense of urgency and must recognize that the state is at a critical juncture. As a company founded in New Britain, Connecticut, almost 175 years ago, we have expressed our commitment from a social responsibility perspective to being part of the solution," Loree said in a statement on Tuesday.
Hartford Mayor Luke Bronin said with announcement from Stanley Black & Decker will help "reinvent manufacturing" right in the Capital City
“We have been in discussions with CEO Jim Loree and senior leaders at Stanley Black & Decker for many months about the possibility of establishing a center of excellence in Hartford, and today’s announcement represents a huge win – not just for Hartford, but for Connecticut. The launch of the STANLEY+Techstars Additive Manufacturing Accelerator comes just a few months after the launch of the InsurTech Accelerator, a public-private partnership with Hartford’s major insurance companies. Our goal is to make Hartford a hub for innovation in our region’s core industries – from insurance to healthcare to advanced manufacturing – so that cutting-edge innovation and entrepreneurship happens right here in Connecticut. I want to thank Jim Loree and Stanley Black & Decker for their commitment to Hartford, and I’m looking forward to working with them as we position Hartford and Connecticut for the next century,” Bronin said in a statement on Tuesday.
The Advanced Manufacturing Center of Excellence and an Additive Manufacturing Accelerator is being built through a three-year partnership with Techstars. The program will "identify 10 startups in the additive manufacturing space to participate in the program’s first year. "
Rep. John B. Larson (CT-01) called this announcement "great news" for Hartford.
"Stanley Black and Decker’s decision to locate their Advanced Manufacturing Center of Excellence in Hartford speaks volumes to their commitment to Connecticut, and to the strength of our Capitol City as a place to do business. Manufacturing is a part Connecticut’s DNA, and since its founding in 1843, Stanley Black and Decker has been at the forefront of state’s our manufacturing ecosystem. This continues that tradition as Connecticut remains at the cutting edge of the next generation of advance manufacturing. Stanley Black and Decker’s entrepreneurial incubator, that will give start-ups a hand up, will continue to fuel Connecticut’s role as a manufacturing hub. I applaud Stanley Black and Decker on their decision, and welcome them to the City of Hartford,” Larson said in a statement on Tuesday.
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