HARTFORD, CT (BRAIN) — The state of Connecticut is considering a $3 million loan to help relocate Cannondale Sports Unlimited — the new name for what was formerly known as Dorel's Recreation/Leisure division.
Gov. Dannel Malloy announced Tuesday that the State Bond Commission will consider the loan request to assist in the company's move from from Bethel to Wilton, Connecticut. Malloy noted that Cannondale's relocation will include 75 new jobs in the state.
“Cannondale is an iconic brand, and their decision to continue to grow in our state is positive news for our economy,” said Malloy.
Rather than a press release from the publicly traded company, the name change was announced in a statement from the governor's office.
According to the governor's press release:
Cannondale Sports Unlimited is a segment of Dorel Industries, Inc., with three operating divisions: Cycling Sports Group, Pacific Cycle Group and the Apparel Footwear Group. Dorel’s products include Safety 1st, Quinny, Cosco, Maxi-Cosi and Bébé Confort in Juvenile, as well as the Cannondale Sports Unlimited brands. Dorel has annual sales of over $2.5 billion and employs close to 5,400 people at facilities in twenty-four countries worldwide. With a comprehensive range of brands including Cannondale, Schwinn, GT, Mongoose, SUGOI, Charge Bikes, IronHorse, InSTEP, KidTrax, Cannondale Sports and the GURU Experience, Cannondale Sports Unlimited is motivated by our passion for creating inspired experiences for a fun, healthy world.
“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 of 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.”
According to the governor's office, the Department of Economic and Community Development will provide the company with a 10-year loan of $3 million at a rate of 2 percent. $2 million of the loan is forgivable if it hires 75 employees within the next four years. The money will used for office fit-out, the purchase of office equipment, IT equipment and job training needs.
The loan still requires Bond Commission approval.