United Technologies (UTC) will invest $500 million to upgrade and expand its aerospace research and development and manufacturing facilities in Connecticut over the next five years. The agreement is supported by legislation Governor Malloy signed into law last week. The news comes after the company was awarded a $1.24 billion Pentagon contract for six new presidential helicopters.
The agreement does not require any borrowing or payments by the State of Connecticut, and is expected to create nearly 1,500 construction and other related jobs throughout the initial capital expansion. Construction on the projects is expected to begin this year and continue through 2018.
During the same time period, UTC expects to invest up to $4 billion in research and other capital expenditures in the state. That expansion will include the creation of a new headquarters, customer training center, and new laboratories. The company will also be required to keep Sikorsky corporate headquarters in Connecticut for a minimum of 5 years.
United Technologies was also given a $1.24 billion Pentagon contract to build six new Presidential helicopters. The company will be working on the Marine One helicopters. The project is limited to avoid cost overruns similar to those that happened under a previous helicopter contract which ballooned under Lockheed Martin.
