Connecticut Innovations Loans $650,000 to The Macton Corporation.
Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, today announced that it provided a $650,000 loan to The Macton Corporation(Macton Corporation), an organization that handles engineering, fabricating and installing industrial machinery and equipment, to support the purchase of equipment that will help support the company’s growth.
“The Macton Corporation has been assisting customers in various manufacturing and engineering capacities for more than 60 years,” said Ted Murphy, vice president and loan officer at Connecticut Innovations. “The loan proceeds will help the organization to purchase equipment to support the growth of the company. Connecticut Innovations looks forward to adding them to a roster of customers who have demonstrated an ability to be resilient and innovative.”
The Macton Corporation relocated to Oxford, Conn. in 1999 and acquired the transportation equipment product lines of two companies, Joyce-Dayton Corporation in 1999 and A.T. Moeller Corporation in 2000. These acquisitions provided Macton with a complete line of lifting and accessory equipment for the maintenance and servicing of transit cars and locomotives, as well as a full line of railway sanding equipment. In addition to its strength in rail maintenance, Macton’s original turntable installations have been in continuous operation since the early 1950s.
“As the transit and freight rail markets become more active due to increased demand for rail services in the U.S. and Canada, we have been taking more of our manufacturing in-house in order to allow us to better serve these growing markets,” said Peter McGonagle, president of Macton Corporation. “With the assistance from Connecticut Innovations, we are able to purchase additional capital equipment that will allow us to not only increase our production capacity, but also reduce our product costs and lead times, and better control our product quality, all of which will let us be more competitive in these growing markets.”
People’s United Bank serves as the primary lender for Macton Corporation and worked closely with CI on this transaction.
“As Macton looks to grow, CI’s funding and the funding People’s United has provided will help propel the company to the next level,” said Kevin Dolan, senior commercial relationship manager at People’s United Bank.
RJ Reuter Business Consulting served as the financial advisor who developed and coordinated Macton’s business plan for the People’s United Bank and CI loans.
“Macton is another great example of a Connecticut manufacturing business with a sound plan, and dedicated management that can position itself to execute growth by partnering with the state and a solid lending partner, such as People’s United Bank,” said Ron Reuter, principal of RJ Reuter Business Consulting.