NORTH HAVEN, Conn. (WTNH/AP) -- Governor Dannel Malloy was North Haven on Wednesday to announce a newly merged company will soon be calling North Haven home.
"And there's no question that we have a product and a service that will see us fill this empty building, and from a business perspective, there's nothing worse than looking at an empty building, is there," said Kevin Weeks from The Weeks Group.
An Australian company merged with one based in Arizona to form Sustainable Building Systems, which will now make North Haven its US headquarters. The company makes ecologically friendly building material.
"By embracing 21st century, what's old is becoming new again and green manufacturing jobs represent the future," Malloy said.
It's part of Governor Malloy's "First Five" plan.
Just last month he announced Alexion Pharmaceuticals was moving its headquarters to New Haven. The plan was to offer tax breaks and low interest loans to the "First Five" companies that moved to Connecticut and promised to create more than 200 jobs. It's been so successful, SBS is now the sixth to take advantage of it.
The company get a $19.1 million loan from the state, but not all at once. It comes in installments. They get some of the money up front, and the rest when and if they create enough jobs.
For SBS that number is 408 new jobs. They will fill what used to be the sprawling home of Northeast Graphics. The almost 400,000 square foot building is the largest in North Haven. It will give SBS a foothold in an expanding US green housing market.
"Ths US is a market that we have always wanted to be involved in, and this has given us an opportunity to be involved in what we see as a very smart state," Weeks said.
They say they chose Connecticut specifically because of its well-educated workforce willing to learn the SBS manufacturing process.
The governor said that the state's economic development work will boost job growth.
The unemployment rate in May was 7.8 percent, up from 7.7 percent in April. The jobless rate has fallen from a high of 9.4 percent, where it remained stuck from August to December 2010.
The June unemployment rate is due to be released on Thursday.