FAG and its Winsted Precision Ball division woll be receiving a total of $3.3 million in state aid from Connecticut,to assist in building the business,and protecting and expanding employment.The Connecticit Development Authority a quasi-public agency,has awarded a $3 million loan to the company.FAG will also receive $300000 in sales and use tax exemptions.
Fag manufactures deep groove and angular contact super precision ball bearings.Applications include machine tools,spindles,instrumentation,aircraft/aerospace,and medical devices.State development authorities reportedly became concerned when Barden hinted it would consider moving some or all of its operations out of Connecticut.Connecticut is by its own admission a "high-cost place to do business,"with expensive business mandates,and the minimum wage set at $8 per hour.
An individual affiliated with the matter told eBearing the CDA's employment claim is,"insulting,"noting business employment is by detemined skill,market knowledge and supply and demand,not CDA involvement.A number of barden competitors have also called into question the premise that barden was seriously consodering a move from Connecticut,and the "fuzzy logic"lay behind what "save and create"jobs really means.
