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CDA Helps CT Businesses | ||||||||||
Global Steering Systems, LLC. Watertown, CT
Page 1 of 1. 03/2009 The challenges that recent months have imposed on the automotive industry have trickled down the supply chain, affecting local component manufacturers. Until recently, DriveSol Worldwide of The local management team of Drivesol, together with private investors, developed a plan to rescue the company and restart operations under the new name of Global Steering Systems. With the assistance of a $2 million direct loan from the Connecticut Development Authority (CDA), the new company has purchased the machinery and equipment, inventory, and intellectual property of Drivesol’s operations and has rehired approximately 130 of its laid off workers who are now employed at the Watertown plant again. “It was great news to hear that the local management team was fighting for another chance, and we were pleased to help,” said Marie O’Brien, president of CDA. “These highly technical manufacturing jobs are one of
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