June 12--ROCKY HILL -- Officials with Connecticut Innovations, the state's technology investment agency, said Wednesday that is providing a $650,000 loan to an Oxford-based company that makes fabricating large moving metal structures like large turntables and people movers for the transportation industry.
The loan to the Macton Corp. will allow the company to purchase additional equipment, according to company officials. Peter McGonagle, Macton's president, said the additional equipment "will allow us to not only increase our production capacity, but also reduce our product costs and lead times, and better control our product quality, all of which will let us be more competitive in these growing markets."
"As the transit and freight rail markets become more active due to increased demand for rail services in the U.S. and Canada, we have been taking more of our manufacturing in-house to allow us to better serve these growing markets," McGonagle said in a statement.
Macton relocated to Oxford from Danbury in 1999. It is located at 116 Willenbrock Road in the Oxford Industrial Park off Route 67.
Even as it was undertaking the move, Macton acquired the transportation equipment product lines of two companies, Joyce-Dayton Corp. in 1999 and A.T. Moeller Corp. in 2000. The two acquisitions gave Macton a complete line of lifting and accessory equipment for the maintenance and servicing of transit cars and locomotives.
Ted Murphy, vice president and loan officer at CI , said the loan to Macton adds to the roster of companies that the agency has helped that "have demonstrated an ability to be resilient and innovative."
Milford-based RJ Reuter Business Consulting served as Macton's financial adviser and helped structure the CI loan.
"Macton is another great example of a Connecticut manufacturing business with a sound plan, and dedicated management that can position itself to execute growth by partnering with the state," Ron Reuter, principal of RJ Reuter Business Consulting, said in a statement.
Call Luther Turmelle at 203-789-5706.
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