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Soft Landing for Latex Foam
One year after fire, state loan to aid new facility
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Business New Haven
5/13/2002
By: BNH
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SHELTON - Latex Foam Products, which develops components for mattresses and cosmetics applicators, has been approved for a $3 million state Bond Commission loan to assist in the building of a new latex foam production facility on 510 River Road in Shelton. The funding will be applied toward the purchase of new state-of-the-art production machinery.
The loan agreement stipulates that the company will employ more than 253 Connecticut residents within four years. The hiring process has already begun, say company officials, with 70 people from its former Ansonia facility rehired. That facility was destroyed by fire in May 2001.
The start-up plan is to begin initial production of mattress cores, pillows and cosmetic applicators by the middle of this month, with full production by the summer.
“We are extremely grateful to have received such tremendous support and assistance from the state of Connecticut, the community and our government representatives during our company's massive rebuild,” said Latex Foam President and CEO Stephen Russo. “The last year was inarguably a very challenging time for all of us, but with the assistance we've received we have quickly moved down the path to an expeditious return to production.
“We are ready and eager to resume full production in Connecticut and to participate in the revitalization of the Valley by being able to offer employment opportunities to the local workforce,” Russo added.
Founded 25 years ago in Ansonia, Latex Foam Products develops and manufactures products that are featured components in many retail mattress brands.
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