July 31--Memry Corp., a leading manufacturer of nitinol, a nickel-titanium alloy used in medical devices, is expanding its Bethel plant with the help of a state loan of $2.75 million.
The company has been working on the expansion since May, Chief Executive Officer Nicola Di Bartolomeo said in a phone interview Wednesday.
The loan from the state Department of Economic and Community Development will help cover the $7.9 million cost of the expansion, including the purchase of equipment. The loan was approved Friday by the State Bond Commission.
Memry can pay off the loan at 2 percent interest over 10 years. A large part, however, will be forgiven if the company meets goals set by the state. If it adds 38 jobs as part of the expansion by November 2017, it will be forgiven $687,500. If it adds a total of 76, it will be forgiven $1,375,000.
The company has already added about 25 jobs, bringing the total number of employees to 180, and plans to add the rest by the 2017 deadline, Di Bartolomeo said.
The company's 57,500-square-feet facility in Berkshire Corporate Park will grow to 72,000 square feet, Di Bartolomeo said. The project should be completed in the third quarter of 2015, he said.
DECD Commissioner Catherine Smith said in a press release Wednesday, "DECD's investment will help fund new machinery and equipment, a project that will allow Memry's innovative minds to explore even more with this ground-breaking material."
Incorporated in Stamford in 1981, the company has established manufacturing sites in California, New York and Germany.
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