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Pitney Bowes, which has its roots in metered mail services, announced Wednesday that it made a deal for a low-cost state loan to remain in the state. The company will invest $25 million in facility improvements, training and technology in Connecticut’s economy as part of that deal.
“For more than 90 years, Pitney Bowes has been an integral part of the Stamford community,” said Marc B. Lautenbach, president and chief executive officer of Pitney Bowes. “Our longstanding commitment to Stamford and the state of Connecticut is stronger than ever. On behalf of all of our employees around the world, I want to thank Governor [Dannel] Malloy and his team for establishing a true partnership with our company.
"Today’s agreement allows us to continue to make investments in Connecticut as we deliver value for our shareholders and clients.”
The location of the new Stamford offices was not announced Wednesday. "No decision has yet been made on the new building in Stamford," said Bill Hughes, chief communications officer for Pitney Bowes.
The company has an existing workforce of 1,600 employees in the state, with its technology center in Danbury, its business operations center in Shelton and its new headquarters, which will remain in Stamford. About 550 people work in the Stamford headquarters, which Pitney Bowes sold because the building was too large and inefficient for its needs.
“We are thrilled that Pitney Bowes will remain in Stamford and intends to hire 200 additional employees in Connecticut,” said Malloy. “Pitney Bowes has been a fixture in Connecticut for over 90 years and has exciting growth plans for its future in areas such as digital commerce and location intelligence.”
The state Department of Economic and Community Development reached a deal with Pitney Bowes under the state’s “First Five” program. That will provide the company with a $15 million loan, of which $10 million is forgivable following the creation of the 200 new jobs over the next five years.
The funds will be used for enhancements in technology, capital improvements, and machinery and equipment. Pitney Bowes will also receive a sales and use tax exemption of up to $1 million for capital improvements; a $1 million job training grant; and up to $10 million in urban and industrial site reinvestment tax credits.
Pitney Bowes becomes the 11th company under the “First Five” program, which was created in 2011 to attract investment, spur job growth and help industries become more competitive in the global marketplace.
U.S. Rep. Jim Himes (D-4th District) praised the investment in Pitney Bowes.
“I’m thrilled Pitney Bowes will continue its longstanding commitment to our community and take advantage of our excellent workforce and everything else Connecticut has to offer to expand in Fairfield County," Himes said. "Thanks to Governor Malloy and Pitney Bowes for their work to bring 200 new, good-paying jobs to our area and for this important investment to our local economy.”
When Pitney Bowes sold its headquarters in August, the company did not announce a new location for offices. To read more about the sale of the South End building, read this story in The Daily Voice.
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