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Conn. offers $19-million loan to steel product company

Keywords: Tags  steel, frames, Sustainable Buildings Systems, Dannel Malloy, Connecticut, Weeks Group, Diverse Services Group, Catherine Ngai

NEW YORK — Connecticut Gov. Dannel P. Malloy announced that a state agency has offered a $19.1-million loan to a new steel building product company.

The joint venture between Adelaide, Australia-based Weeks Group and Scottsdale, Ariz.-based Diverse Services Group LLC will be called Sustainable Buildings Systems LLC.

The company will manufacture building panels for homes, commercial structures and the military. It will be headquartered in North Haven, Conn. where it will employ 400 people.

"In the last century, the steel industry was the backbone of our nation, providing jobs and helping to build the middle class," Malloy said in a statement.

"Companies like Sustainable Building Systems represent the next evolution of that industry."

The Connecticut Department of Economic and Community Development will provide a low-interest $10-million loan immediately and offer an additional $9.1-million in loans contingent on the company hitting two- and four-year employment targets.

The funding will go toward machinery and equipment, Malloy said.

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