Company: Lockheed Martin Parent Company: Lockheed Martin Subsidy Source: state Location: Connecticut Project Description: retention and expansion of aerospace operations Year: 2016 Major Industry of Parent: aerospace and military contracting Specific Industry of Parent: aerospace & military contracting Subsidy Value: $220,000,000 Program Name: multiple Awarding Agency: governor's office Type of Subsidy:
Number of Jobs or Training Slots: 8,000 Source of Data: Details of the package are given in a September 20, 2016 press release issued by the governor's office available online at (click here) Notes: The deal was designed to get Lockheed Martin to keep the operations of Sikorksy Aircraft, which it purchased in 2015, in the state. The package includes annual grants of up to $8.57 million and annual sales tax exemptions up to $5.7 million for a period of 16 years. The deal also included 25 percent wage cuts for new employees. If the company exceeds employment benchmarks it is also eligible for incentive grants of up to $1.9 million a year. The company agreed to retain and grow its workforce to 8,000 in the state by year 14 of the agreement. Overlaps with main Subsidy Tracker data: $80 million award in 2017 from Public Act/Special Act program. Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.