Connecticut Governor Dannel P. Malloy announced that the State Bond Commission will consider a $3 million loan to assist Cannondale Sports Unlimited (CSU) establish a new headquarters and add 75 new jobs in Wilton.
The company, formerly known as Dorel Recreational/Leisure, will handle marketing, research and development, and product design for three operating divisions: Cycling Sports Group, Pacific Cycle Group and the Apparel Footwear Group. The loan will enable a move to a 50,000-square-foot leased space in Wilton, CT, 15 minutes south of the company’s current headquarters in Bethel, CT.
Cannondale is an iconic brand, and their decision to continue to grow in our state is positive news for our economy, said Governor Malloy. CSUs expansion will create 75 good paying jobs with good benefits right here in Connecticut, and allow them to provide better services to their national and global clientele. Strong companies make a strong economy.
Cycling Sports Group sells Cannondale, Schwinn, GT and Mongoose to the independent bicycle dealers, While the Pacific Cycle Group focuse son selling the the mass channel and the Apparel Footwear Group focuses on selling apparel under the Sugoi, Cannondale and other cycling brands owned by the company.
Cannondale Sports Unlimited has always revolved around great people who are passionate about building our brands to create a fun, healthy world, said Bob Baird, CEO and president, Cannondale Sports Unlimited. After considering several locations in Connecticut and New York, we are thrilled to be able to expand our operations in Wilton, the original home of our Cannondale brand, to continue our legacy of growth and innovation.
The Cannondale brand was born in Wilton many years ago, so to have them return is a proud moment for all of us in town, said Bill Brennan, First Selectman of Wilton. CSU will bring quality jobs to our community and complements our economic development initiatives. I am particularly excited by the fact that the company, which is focused on biking and being outdoors, will be located in the I-Park office complex directly adjacent to the rapidly developing Norwalk River Valley Trail. This project is a great fit for Wilton, Cannondale employees, and the region in so many ways.
The State Department of Economic and Community Development (DECD) will provide the company with a 10-year loan of $3 million at a rate of 2 percent, $2 million of which is forgivable if it hires 75 employees within the next four years. Funding will used for office fit-out, the purchase of office equipment, IT equipment and job training needs. CSU will retain 143 employees.
Although manufacturing has changed remarkably over the last few decades, in the end, its still about innovative people making innovative products, said Catherine Smith, Commissioner of the Department of Economic and Community Development. Cannondale Sports Unlimited is a proven leader in its field that continues to re-invest to remain on the cutting edge of cycling technology. This investment ensures Connecticut remains competitive in the global market, as well.
The funding will require Bond Commission approval.
Cycling Sports Group sells Cannondale, Schwinn, GT and Mongoose to the independent bicycle dealers, While the Pacific Cycle Group focuse son selling the the mass channel and the Apparel Footwear Group focuses on selling apparel under the Sugoi, Cannondale and other cycling brands owned by the company.
Cannondale Sports Unlimited has always revolved around great people who are passionate about building our brands to create a fun, healthy world, said Bob Baird, CEO and president, Cannondale Sports Unlimited. After considering several locations in Connecticut and New York, we are thrilled to be able to expand our operations in Wilton, the original home of our Cannondale brand, to continue our legacy of growth and innovation.
The Cannondale brand was born in Wilton many years ago, so to have them return is a proud moment for all of us in town, said Bill Brennan, First Selectman of Wilton. CSU will bring quality jobs to our community and complements our economic development initiatives. I am particularly excited by the fact that the company, which is focused on biking and being outdoors, will be located in the I-Park office complex directly adjacent to the rapidly developing Norwalk River Valley Trail. This project is a great fit for Wilton, Cannondale employees, and the region in so many ways.
The State Department of Economic and Community Development (DECD) will provide the company with a 10-year loan of $3 million at a rate of 2 percent, $2 million of which is forgivable if it hires 75 employees within the next four years. Funding will used for office fit-out, the purchase of office equipment, IT equipment and job training needs. CSU will retain 143 employees.
Although manufacturing has changed remarkably over the last few decades, in the end, its still about innovative people making innovative products, said Catherine Smith, Commissioner of the Department of Economic and Community Development. Cannondale Sports Unlimited is a proven leader in its field that continues to re-invest to remain on the cutting edge of cycling technology. This investment ensures Connecticut remains competitive in the global market, as well.
The funding will require Bond Commission approval.
.
