Sen. Kane &
Rep. Williams Applaud State Efforts To Help Revive Watertown
Company
Senator Rob Kane (R-32) and Representative
Sean Williams (R-68) applauded the state’s efforts
to help revive a Watertown manufacturer and create jobs
by approving a $2 million loan from the Connecticut Development
Authority (CDA).
Governor M. Jodi Rell recently announced the CDA loan
to former local managers of DriveSol Worldwide, Inc.,
which closed its Watertown operation earlier this year
and laid off 241 people. The CDA loan is intended for
additional machinery and to purchase intellectual property
from DriveSol. The local company, which would be revived
as Global Steering Systems, could create 130 jobs.
“This is wonderful news, especially at a time when
so many businesses are struggling and far too many people
have lost their jobs, or fear that they might. We want
to thank Governor Rell for supporting efforts to revive
this local company, and applaud the hard work of former
DriveSol employees who are doing everything in their power
to make this happen,” said Senator Kane.
“It’s not often that a business that closes
down gets a second chance at life – especially during
a recession when demand for manufactured goods is down,”
Representative Williams said. “Thanks to
this loan, the former Drivesol plant is expected to reopen
under new ownership soon and many of the workers who lost
their jobs earlier this year should be returning to work
soon.”
According to the company website, DriveSol “manufacturers
over 4.4 million electronic throttle control pedal units
(ETCs) per year in North America, Europe and Japan, offering
both contact and non-contact ETC technology. In addition,
DriveSol provides over 5 million fixed pedal assemblies,
which combine the brake, clutch, and ETC pedal in one
unit, and over 920 adjustable pedal assemblies. Over 4
million steering column products are produced for cars,
SUVs, light and heavy-duty trucks.” The company
is headquartered in Troy, Michigan and employees approximately
1,600 employees located in manufacturing and technical
facilities throughout North America, Europe, South America,
and Asia.
The Connecticut Development Authority is a quasi-public
agency that provides debt financing and investment capital
to help businesses grow in Connecticut.
