Fusion Paperboard to receive US$3M state loan to expand operations at company's coated recycled paperboard mill in Sprague, Connecticut; plans include US$6M project to upgrade, repair paper machine, power turbine
April 23, 2013
– State Senator Cathy Osten (D-Sprague) and Governor Dannel P. Malloy today announced the State of Connecticut will provide Fusion Paperboard Connecticut LLC of Sprague with a 10-year, 3 percent loan of $3 million to help them expand operations, retain 147 jobs and create 20 new jobs.
“This is very good news. I’ve been looking to help keep Fusion Paperboard in Connecticut and in Sprague, and this loan will help do that and protect over a hundred local jobs,” said Sen. Osten, who has been meeting with company officials and union representatives for more than a year. “Fusion Paperboard is vital to the entire economy in Southeastern Connecticut. These jobs are vital, in part because they are not just service-sector wage jobs but living-wage jobs.”
Fusion Paperboard Connecticut LLC of Sprague is an independent producer of high-performance coated recycled boxboard, folding cartons and packaging for major food and consumer product manufacturers in North America.
The state Department of Economic and Community Development will provide a 10-year, 3 percent loan of $3 million Fusion can overhaul and repair its paper machine, which produces all of the recycled paper products, and a GE turbine which generates the power for the paper machine. The $6 million project will retain 147 employees and create 20 new positions for a total of 167 employees by 2016.
“These small business expansions are great examples of how the state can support the supply chains in all of the industries represented throughout Connecticut,” said Gov. Malloy.
The State Bond Commission is expected to approve the funding at its April 26 meeting.