Subsidy Tracker Individual Entry

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: 
MEGADEAL
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 http://portal.ct.gov/Departments_and_Agencies/Office_of_the_Governor/Pre...

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: none.

Source Notes: 
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