More good news about economic development in Waterbury. Less than a day after announcing that Unipharm Inc. is setting up shop in Waterbury, the economic development team has announced another coup – IMS Waterjet Inc. is coming to the Brass City.
Waterjet Inc. is a relatively new manufacturer in the world of industrial cutting machines and will soon be establishing itself in Waterbury where it will be manufacturing the highly customized water jet cutting machines it makes for the cutting tool industry. IMS was approved for a $200,000 loan from the Waterbury Development Corporation at this morning’s board meeting. The company has plans to occupy 29,000 SF of space at 562 Captain Neville Dr.
The funding was provided through the agency’s Regional Business Investment Fund which assists business that may not have received the financial assistance from more conventional sources.
Waterjet, Inc. will use the $200,000 loan for working capital, leasehold improvements and purchasing new equipment. The company projects to hire 11 full-time people in the first year, 29 additional positions by year 2, and 30 more people by year 3.
“Loan support such as this from the WDC provides businesses with a much needed boost and, more importantly, preserves jobs locally for hard working people in these challenging economic times”, commented Ron Pugliese, city’s director of economic development.
Economic development executive director, Ron Pugliese, front, and Mayor Neil O’Leary.
Mayor Neil O’Leary echoed Pugliese’s remarks. “Waterbury stands to benefit from this loan as IMS Waterjet Inc. has plans to create upwards of 75 new jobs in the next few years,” O’Leary said. “These hirings should provide a real bump to the local economy as jobs move back into the city.”
IMS water jet machines cut through iron, steel, titanium, various composites and even extremely soft baked dough used in chips and breads. Two of the biggest beneficiaries of this technology are the aerospace and oil and gas industries.
Waterjet cutting machines never touch the materials they are engaged in cutting. Only very high pressure water does the cutting. There are no blades, electric saws or high heat lasers. This allows for far greater accuracy in the cutting and far less distortion caused by the heat of the other technologies. The result is more accurate parts that are safer where utilized, specifically in military and commercial aircraft.
Pat McKinney, WDC’s business development manager said, “IMS Waterjet Inc. epitomizes the type of business that Waterbury wants to attract. They will not only create manufacturing jobs but additionally some white collar positions as well. The WDC is pleased to have been a part of this process as well as a part of Waterbury’s economic development team.”