News and Events

CDA’s Board of Directors recently approved financing totaling $2.2 million to benefit AGC Incorporated of Meriden. The assistance includes a joint $1.7 million loan with TD Bank, and a $500,000 loan directly from CDA.

“As TD Bank continues to actively lend to companies in Connecticut, we are excited to work jointly with the CDA to support the growth of our Connecticut customers like AGC,” said Michael Hensinger, Chief Lending Officer and Head of Commercial Lending for Connecticut. “AGC has been an important customer of TD Bank for many years and we believe in the strong management team and their solid business plan.”

Founded as an aerospace gasket manufacturer in 1951, AGC today is involved in the manufacturing and repair of precision components and assemblies for the commercial and aerospace industries.  The financing from CDA and TD Bank will allow the company to construct a new warehouse in Meriden and purchase new machinery and equipment.  Additionally, through CDA’s Information Technology Loan Program, AGC will upgrade and expand its IT and IT security systems. The company will receive working capital through a direct loan from CDA, as well.

 “As we continue to grow our business and provide our customers with best-in-class manufacturing, overhaul and repair products and services, we maintain our close working relationship with Connecticut’s economic development team.  We are grateful for and energized by their assistance and know-how,” said R. Bruce Andrews, president CEO of AGC Incorporated.

The support provided to AGC was a model example of the combined efforts of the state’s economic development team: business development assistance from the Connecticut Department of Economic and Community Development (DECD) and technical and process improvements from CONNSTEP, a consulting and training resource firm for Connecticut’s manufacturing industry.

CONNSTEP and AGC joined forces in November 2008 to utilize Lean manufacturing techniques – also known as continuous process improvements – as an opportunity for the company to grow its business.  “AGC is becoming a Lean enterprise due to their long-term commitment of incorporating Lean processes into their strategic plan and culture,” said Bonnie Del Conte, president of CONNSTEP. 

DECD’s work with AGC began in December 2008 at Connecticut’s Business Connection, an outreach program launched by the Governor and conducted by DECD that provides businesses with direct access to the many state and federal resources available to support them.  In June of this year, AGC joined DECD and other Connecticut companies at the International Paris Air Show where they showcased their business to more than 140,000 professionals in the aerospace industry.  

“Through state government’s aggressive outreach to Connecticut employers, we are able to work with them to develop sustainable, multi-faceted and beneficial opportunities for their businesses to grow,” said DECD Commissioner Joan McDonald.