Sen. Kane & Rep. Williams Applaud State Efforts To Help Revive Watertown Company

March 25, 2009

Senator Rob Kane (R-32) and Representative Sean Williams (R-68) applauded the state’s efforts to help revive a Watertown manufacturer and create jobs by approving a $2 million loan from the Connecticut Development Authority (CDA).

Governor M. Jodi Rell recently announced the CDA loan to former local managers of DriveSol Worldwide, Inc., which closed its Watertown operation earlier this year and laid off 241 people. The CDA loan is intended for additional machinery and to purchase intellectual property from DriveSol. The local company, which would be revived as Global Steering Systems, could create 130 jobs.

“This is wonderful news, especially at a time when so many businesses are struggling and far too many people have lost their jobs, or fear that they might. We want to thank Governor Rell for supporting efforts to revive this local company, and applaud the hard work of former DriveSol employees who are doing everything in their power to make this happen,” said Senator Kane.

“It’s not often that a business that closes down gets a second chance at life – especially during a recession when demand for manufactured goods is down,” Representative Williams said. “Thanks to this loan, the former Drivesol plant is expected to reopen under new ownership soon and many of the workers who lost their jobs earlier this year should be returning to work soon.”

According to the company website, DriveSol “manufacturers over 4.4 million electronic throttle control pedal units (ETCs) per year in North America, Europe and Japan, offering both contact and non-contact ETC technology. In addition, DriveSol provides over 5 million fixed pedal assemblies, which combine the brake, clutch, and ETC pedal in one unit, and over 920 adjustable pedal assemblies. Over 4 million steering column products are produced for cars, SUVs, light and heavy-duty trucks.” The company is headquartered in Troy, Michigan and employees approximately 1,600 employees located in manufacturing and technical facilities throughout North America, Europe, South America, and Asia.

The Connecticut Development Authority is a quasi-public agency that provides debt financing and investment capital to help businesses grow in Connecticut.