DECD will also assist the company in establishing ties to local universities and technical colleges so it can develop its next generation of skilled workers. State funding may be used for machinery and equipment and working capital in order to expand production capacity. Pietro Rosa TBM, based in Italy, will invest in excess of $10 million in the Farmington facility, and the Department of Economic and Community Development (DECD) will provide a $3 million low-interest loan. to the Pietro Rosa TBM family and look forward to working as a global team to support our customers and grow the business in line with our objectives.”
“We are delighted in welcoming the employees of New England Airfoil Products Inc. These services enable us to secure a balanced portfolio of customers and market sectors, comprising aero, marine, energy, and oil and gas,” Mauro Fioretti, CEO of the Pietro Rosa group, said. Our strategy is to continuously invest along the vertical integration path, offering engineering and manufacturing services for our customers leveraging on the integration of hot forming, machining, welding and surface finishing technologies resulting in engine-ready components. “This acquisition secures one more key step in Pietro Rosa TBM’s strategic growth plan, offering greater reach and access to its existing and new North American customer base as well as complementary manufacturing capabilities and additional capacity.
Today’s announcement is another reason why Connecticut is continuing to position itself as a world-wide leader in the aerospace manufacturing industry.” “Over the last several years, our state has made strides in strengthening our manufacturing pipeline training programs, which is why we have one of the most highly skilled and trained workforces in this sector. This is a forward-thinking company that remains at the forefront of innovative technology,” Malloy said.
“Connecticut is continuing to make significant advancements to compete in the highly competitive global aerospace market, and we are excited that Pietro Rosa TBM has chosen Connecticut as its North American expansion location.