Governor Rell: State Aid to Derecktor Will Leverage Nearly $3 Million in Federal Stimulus Funds
October 21, 2009
Governor M. Jodi Rell today announced that a $1 million grant to Derecktor Shipyards in Bridgeport – funding that will leverage almost $3 million in federal stimulus money for the shipbuilder and retain nearly 350 full-time jobs – is expected to be approved when the state Bond Commission meets October 30.
The state grant is needed to obtain $2,947,710 in “Small Shipyards” stimulus funds through the U.S. Department of Transportation’s Maritime Administration. Derecktor will use the money to make improvements to its dry dock in Bridgeport.
“Using the combination of state and stimulus money to upgrade its facilities, Derecktor will be even more competitive in the global marketplace,” Governor Rell said. “Already known around the world as a premier builder of both luxury yachts and sturdy military and industrial vessels, the improvements mean Derecktor can lower the costs of launching large ships, gain greater flexibility in launch schedules and cut overall launch time. That, in turn, means the company’s 247 full-time employees and 100 full-time subcontractors will stay on the job.
“Wise investments like this are vital to keeping and growing good jobs in our state,” the Governor said. “Whether it is supporting our existing manufacturers or bolstering the developing ‘green collar,’ biotech and pharmaceutical industries, my Administration is committed to doing all we can to expanding the opportunities for employment and economic growth.”
Founded in Mamaroneck, New York, in 1947, Derecktor now has three shipyards – Mamaroneck, Bridgeport and Fort Lauderdale, Florida. The company builds, maintains and refits a wide range of vessels from yachts to ferries, tugs, patrol boats and U.S. Coast Guard cutters.
