CHESHIRE – A Meriden-based company that produces specialty cables, cables and wires has acquired the former home of Alexion Pharmaceuticals on the 350 Knotter Drive.
Accel International Holdings is expected to move to its new home early next year, said Jerry Sitko, the city's economic development coordinator. Sitko said the company will continue to operate at its Meriden facility on North Colony Street.
The 177,000-square-foot building that Accel International moves into has been used for pharmaceutical manufacturing and needs to be retrofitted to meet the needs of the new tenant. The company is expected to invest $ 40 million in investment in the facility and hire up to 120 workers, city officials said.
The company purchased the property for $ 4.77 million, according to municipal records. Accel International officials were not immediately available for comment on Friday's return to Cheshire.
Accel International was founded in 2003, according to Sitko in Cheshire, and operates in a 18,000-square-foot building on West Johnson Avenue.
"After a few years, they needed more space and at the time we did not have what they were looking for," he said. The company left Cheshire and moved to Waterbury in 2005.
Accel International moved to Meriden in 2008.
The company received a US $ 3 million loan from the state in 2016 to pay for improvements to its Meriden factory, including new machinery and software.
The terms of the loan provided that they would be offered for 10 years at a rate of 2 percent. The terms also require that the company is entitled to a credit debt of up to $ 3 million if it retains 83 jobs and creates up to 75 new jobs.
Alexion was founded in 1992 in New Haven's Science Park. In 2000, he moved to Cheshire, where he remained until his return to New Haven in 2016, becoming the hub of Downtown Crossing's economic development work.
Alexion announced in September 2017 that it will move its headquarters to the Boston Seaport and relocate around 400 jobs. This step was completed earlier this summer.
Alexion has a presence of approximately 450 research and development employees at 100 College Street, New Haven.