CDA Helps CT Businesses

The CDA recently approved an $800,000 low-interest loan to help AcuCut, Inc. of Southington purchase new machinery and remain competitive in the high-tech manufacturing sector.

AcuCut was founded in 1978 in Bristol, Connecticut where it operated for two decades before building a new facility in Southington. The company provides wire electrical discharge machining (EDM) and industrial laser cutting, servicing the aerospace, defense, land-based turbine, medical, and automotive industries.

AcuCut’s loan will finance the purchase of a new piece of machinery that will improve its production operation and product delivery. The new equipment will enable high-speed, high-precision drilling of metal components for aviation engines and turbine engines used in power plants. The increased capabilities will also allow the company to expand its workforce by adding ten new employees over the next three years.

“With this loan from CDA, we are better positioned to compete against other vendors of similar capabilities,” said Scott Barmore, Vice President of Sales for Acucut. “By upgrading our machinery now, we can expand our core competency and remain competitive in the ever-changing high-tech manufacturing industries.”

Of the $1,000,000 purchase price of the new machinery, The Connecticut Development Authority (CDA) and the Department of Economic and Community Development (DECD) will each provide $400,000 in financing. AcuCut, Inc. will be responsible for the remaining $200,000.