SOUTH WINDSOR, CONN. (Jan. 20, 10:45 a.m. ET) — Materials firm Oxford Performance Materials Inc. has been chosen as the first company to be funded by Connecticut's Small Business Express program.
South Windsor, Conn.-based OPM has received $300,000 in funding from the new state program — a $100,000 grant and $200,000 in the form of a five-year, low-interest loan. That funding helped finance OPM's recent move from Enfield to South Windsor. The total cost of the relocation and expansion was $1.8 million.
The move allowed OPM to add 12 jobs, doubling the size of its work force, and more than doubled its square footage to 18,000. The firm has annual sales of about $2 million and makes Oxpekk-brand polyetherketone ketone resin, which is used in medical and semiconductor markets.
“We are confident that OPM's advanced technology…will culminate in additional manufacturing jobs and innovative medical technologies to improve human health,” OPM president and co-owner Scott DeFelice said in a Jan. 18 news release. Connecticut Gov. Dannel Malloy added in the release that “small businesses are critical to reinventing Connecticut.”
DeFelice and co-owner Severine Zygmont founded OPM in 2002. They sold a majority stake in the business to French materials firm Arkema SA in 2008 before buying it back last year.